[Fitch: Bitcoin-Backed Securities Carry Extremely High Risk] Odaily Planet Daily News – Fitch Ratings has warned that Bitcoin-backed securities carry significant market value risks due to price volatility, structural complexity, and counterparty risk exposure. These instruments rely on Bitcoin as collateral, and their liquidation trigger mechanisms could amplify losses. The past bankruptcies of cryptocurrency lending institutions and Bitcoin's extreme volatility (such as the 49% plunge in March 2020) highlight the importance of adopting conservative financing strategies and robust risk management.