#比特币市场结构变化 Recently, a noteworthy market change has been observed. The continuous decline in Bitcoin prices is causing a chain reaction among crypto treasury companies. Data shows that the stock prices of some companies have fallen below the value of the BTC they hold, which could trigger a wave of sell-offs. From the perspective of on-chain capital flows, there have indeed been some unusual movements. If selling becomes a trend, it could further exacerbate downward pressure on the market. It is advisable to closely monitor the position changes of major crypto treasuries and on-chain transactions to assess the potential impact. At the same time, be alert to the risk transmission of this pattern to the entire crypto ecosystem.