Reminder: The crash of cryptocurrency stocks has just begun!
Recently, there has been a piece of news that almost no one dares to face directly:
The number of Ethereum blockchain validators exiting the queue reached 855,158 ETH this Friday, setting a new historical high.
It sounds like technical data, but what does it mean behind the scenes? It means that a large amount of ETH is waiting to be unlocked.
Bitwise's senior strategist Juan Leon has already warned: this could be the fundamental driver behind Ethereum's recent price adjustment.
Why is it the beginning of the crash?
1. Unlocking wave
As validators exit, the amount of ETH being unlocked continues to increase, directly contributing to selling pressure in the spot market.
2. Leverage chain reaction
A large amount of ETH is participating in the DeFi cycle through staking derivatives (such as stETH).
Once stETH trades at a discount, the value of collateral will shrink → triggering a chain liquidation.
3. Liquidity crunch
In the past, one could still make money through "stETH-ETH circular arbitrage", but now with the discount widening and the arbitrage chain breaking, traders can only choose to close positions and dump.
This means that selling pressure synchronously amplifies.
When cryptocurrency prices crash → cryptocurrency stocks follow the crash.
Don't forget, many so-called "cryptocurrency stocks" (public companies treating Bitcoin and Ethereum as their treasury) —
Such as MicroStrategy, GameSquare, and even newly listed crypto concept stocks.
Their stock prices are essentially amplifiers of cryptocurrencies.
When ETH experiences a liquidity crunch, the result is not a mild adjustment, but systemic deleveraging.
This will cause the valuations of cryptocurrency stocks to evaporate instantly.
Historically, every crash in the cryptocurrency market has left the "crypto concept" stocks in the stock market unscathed.
And this time, the signal has already been ignited: the crash of ETH has just begun, and the disaster prelude for cryptocurrency stocks has just started.
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