Many people still haven’t realized: The most dangerous part of this market cycle might no longer be retail investors getting liquidated. Instead, it’s this: More and more 'public company-level' leverage is also starting to get trapped. Currently: * Strategy holds over 840,000 BTC; * BitMine holds over 4.8 million ETH. The problem is: Many of these companies aren’t slowly accumulating coins with cash. Instead, they’re doing this: > Issuing debt → Raising funds → Buying coins When the market is going up, this model keeps pushing prices higher. But once the market starts pulling back— Massive unrealized losses, financing pressure, and falling stock prices could all create new selling pressure in return. In the past, the market worried about: 'Will retail investors get liquidated?' Now the worry is: What happens if even 'coin-hoarding public companies' can’t hold on?