Last Thursday's article shared with everyone about the wave of users on cryptocurrency stock trading platforms trying to squeeze Wall Street short sellers.
On Friday, I saw a piece of news online:
The CEO of AMC, a listed company, expressed his dissatisfaction and anger towards cryptocurrency trading online, threatening to hire a lawyer to investigate. In response, the CEO of Robinhood fought back on Twitter.
The cause of this incident was that AMC's stock was tokenized and paired with another meme coin on Robinhood. Due to the popularity of the meme coin trading, it affected AMC's stock price, causing it to surge more than 20% before the US market opened.
The anger of AMC's CEO reflects a trend:
Cryptocurrency trading has begun to have a significant impact on the real market prices of US stocks, and this impact indicates that the traditional forces holding the pricing power in the secondary market are beginning to be eroded and weakened.
As of the writing of this article, AMC's market capitalization is approximately $2.2 billion to $2.3 billion. Its market value ranks in the top 25%-30% among the more than 6,000 companies listed on the main US stock markets (including NYSE, NASDAQ, AMEX).
This market cap is not small when viewed in the context of the entire US stock market.
There are still more than 4,000 listed companies with a smaller market capitalization than it.
If a company with such a market cap can be affected in this way, one can only imagine how those companies with smaller market caps will fluctuate once they are also paired with meme coins for trading.
Those small-cap companies are just like what I shared in last Thursday's article, where shorts are clustered.
No wonder some have long been eyeing those targets, preparing to harvest shorts on cryptocurrency stock trading platforms.
In addition, compared to traditional trading markets, the derivatives tools provided by the crypto ecosystem have a more exaggerated leverage effect. Therefore, it is easier to operate in a "small bet for a big win" manner in the crypto ecosystem.
With real-world cases like AMC, platforms of cryptocurrency trading, and exaggerated leverage tools, all the conditions for manipulation are present. We will likely see more dramatic cases like AMC in the future.
For stock trading, the pricing power of the secondary market has always been in the hands of traditional institutions — the phrase "turning the palm for clouds and covering the palm for rain" describes their monopoly over pricing.
But now, decentralized cryptocurrency trading platforms are also starting to influence the prices of real stocks, and the control over this pricing monopoly is beginning to shake — regardless of whether the logic and emotions of retail investors trading in cryptocurrency stocks are rational, it is undeniable that retail investors have generated an unimaginable influence here, beginning to be capable of arm wrestling with traditional giants over pricing power.
From this perspective, this scene well reflects the essence of the crypto ecosystem — free, wild, only recognizing codes and not authorities.
However, in this case, the AMC CEO's threat to report has once again raised my long-standing concern about the hidden risks of Real World Assets (RWA):
Regardless of the outcome of this investigation, it highlights the biggest weakness in this scenario: the core value and operation of asset tokens like stocks are ultimately still determined by centralized institutions.
If the SEC determines that Robinhood's tokenization of AMC stock is illegal, then all transactions related to this stock token surrounding AMC, both past and future, would be invalid.
Furthermore, even if the SEC decides that such actions on Robinhood are legal, I estimate that regulations are unlikely to let it go unchecked and may impose some restrictions or increase thresholds on such behavior or trading of these assets.
RWA cannot be as free and unrestrained as purely native on-chain assets.
However, I estimate that even if regulators formally intervene, it won't be so quick. So for the next period, we will continue to see this kind of revelry and "feast."
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