温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh_cn/56599.html
点击访问原文链接

From dislocation to simultaneous decline: the cryptocurrency-stock linkage reaches a crossroadsRecommended Articles | Bee Network

进入原网站 导航首页
From dislocation to simultaneous decline: the cryptocurrency-stock linkage reaches a crossroadsRecommended Articles | Bee Network Login 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 家•分析•From dislocation to simultaneous decline: the cryptocurrency-stock linkage reaches a crossroadsRecommended Articles From dislocation to simultaneous decline: the cryptocurrency-stock linkage reaches a crossroadsRecommended Articles分析6 年前更新怀亚特 21,259 14

Over the past month (August 1st–31st), the 加密 market saw a significant divergence. Bitcoin (BTC) retreated after reaching a monthly high, closing down 6.15% for the month. Ethereum (ETH) continued its strong performance, rising 19.84%. Solana (SOL) and Binance Coin (BNB) rose 17.85% and 9.79%, respectively. Overall, a structural market trend emerged, with cautious sentiment towards the end of the month.

In contrast, related stocks in the secondary market have come under more concentrated pressure. MicroStrategy (MSTR), which focuses on Bitcoin holdings, fell 16.78% in August, significantly weaker than BTC itself. Ethereum treasuries and related stocks generally experienced a deep correction.

Why the on-chain pulse cannot bring about the valuation elasticity of the stock side – this is pushing the “currency-stock linkage” to a crossroads that requires recalibration.

August portrait: From dislocation to simultaneous decline, the stock market is more fragile

August wasn’t a one-sided bull market. BTC surged higher during the month before retreating, ultimately closing lower. While ETH, SOL, and BNB all saw monthly gains, they all followed a pattern of rising first and then falling—an overall trend more like a simultaneous rise and decline.

The stock market is more sensitive. Simply put, two factors are at play: first, the shrinking valuation premium (the gap between stock prices and net asset value is narrowing, or even declining), and second, rising financing expectations (the market is concerned about further issuance of additional bonds and convertible bonds). The same fluctuations on the chain are amplified when transmitted to stock prices, naturally leading to deeper drawdowns.

Institutional sentiment has also cooled, further compressing valuation expectations. According to Barron’s, Monness, Crespi, Hardt analyst Gus Galá downgraded MSTR from Neutral to Sell in April and maintained the rating on August 21st, with a target price of $175. He cited Bitcoin’s high volatility and cyclicality, the company’s balance sheet fragility caused by its highly leveraged cryptocurrency purchases, and the potential for a decline in the approximately 1.34 times net asset value premium. For many institutions, rather than shouldering the uncertainty of corporate governance and dilution, it’s better to invest directly in spot trading or hold shares through compliant funds. Cryptocurrency stocks naturally lose their premium in such a comparison.

Crossroads: Repair the linkage or shut down early?

The direction of the market shift isn’t determined by price itself, but by whether transmission efficiency can be restored. Over the past month, friction has emerged almost simultaneously across the three links of treasury, financing, and operations.

First, let’s look at treasury transmission. Take SharpLink (SBET) as an example. It has been continuously updating its Ethereum holdings for the past month, simultaneously implementing additional issuances at the market (ATM) to replenish its holdings, and signaling that it will consider repurchases if its stock price falls below its net asset value. As of the end of August, it ranked as the second-largest Ethereum treasury company. However, its stock price has not risen in tandem with ETH, and even closed lower in August, with its total market capitalization falling below the value of its ETH holdings. The market is more concerned with how holdings are held and how they are managed than with how much is held. Larger balances are no longer able to generate valuation premiums.

Secondly, financing is backfiring on stock prices. The narrative that once linked market capitalization to price, relying on the “issuing shares to buy coins” model, is collapsing. Take ETH Z, for example. Although the company disclosed over $349 million in ETH reserves, its stock price plummeted due to concerns about dilution stemming from its massive share issuance plan. This demonstrates that financing, rather than driving up stock prices, has become a source of suppression.

Finally, there’s the issue of operational performance. Profit pressure on mining institutions and sluggish exchange growth have weakened the correlation between stock prices and coin prices. According to Coinbase’s second-quarter financial report, trading revenue was only approximately $764 million, a nearly 40% decline from the previous quarter. Overall revenue fell from $2.034 billion in the first quarter to $1.497 billion, a 26.4% decrease from the previous quarter. This suggests that despite the rise in BTC and ETH, exchanges’ operational performance has not improved in tandem, making it difficult to drive stock price increases.

The cumulative effect of all this is a late-cycle scare . The short- and medium-term momentum in cryptocurrency prices is beginning to swell and recede, blunting its sharpness. Equities are even more fragile—with premiums receding, financing fatigue, and lagging operational flexibility—often “gasping” before the cryptocurrency market, and premature stalling has become a common phenomenon.

Repair or decoupling: three small things to look at

Therefore, even if these companies continue to purchase BTC/ETH at this time, their marginal returns are more likely to quickly approach “net value,” rather than the “premium on top of net value” seen in the past. This is the core of the crossroads: should we rely on mechanisms to repair transmission, or accept a longer period of structural decoupling?

To judge the direction, you don’t need to bet on grand narratives, just focus on these three small things:

1. Look at the mNAV discount: Can it converge within 3–4 weeks, or even return to the premium range?

2. Look at financing actions: whether it shifts from high-frequency ATM/convertible bonds to a more restrained pace, supplemented by repurchases/lock-ups to “anchor” the net asset value per share.

3. Look at operating indicators: on-chain fees/transactions rebound, marginal reduction in mining companies’ cash costs, and an increase in the proportion of non-trading income such as exchange derivatives/custody.

If two of the three items are met, the story of linkage will have a sequel; otherwise, the “decoupling” will be pinned, and the elasticity penalty borne by the cryptocurrency stocks during the drawdown period will be heavier.

Conclusion

Overall, the “synchronized cooling” in late August wasn’t a fluke, but rather a public stress test. Investors now face a choice: continue betting on companies that can deliver on their promises, or bypass them and return to native assets and more transparent allocation tools? For the industry, this is a paradigm reassessment: are crypto-equities a bridge to mainstream capital, or the first phantom to fizzle out in the next market cycle? A crossroads is at hand, and time will not be infinitely forgiving.

本文来源于互联网： From dislocation to simultaneous decline: the cryptocurrency-stock linkage reaches a crossroadsRecommended Articles

Related: Weekly Funding Update | 12 Projects Received Funding, Total Funding Amount: $145 Million (July 28-August 3)Recommended A This week’s highlight financings include Billions, a digital identity verification platform, which raised $30 million, and Stable, a new blockchain project built on USDT, which raised $28 million in a seed round. The following are specific financing events (Note: 1. Sorted by the amount of funds announced; 2. Excludes fund raising and mergers and acquisitions; 3. * indicates companies in “traditional” fields whose businesses are partially involved in blockchain): Digital identity platform Billions completes $30 million in funding, with participation from Polychain and Coinbase Ventures On August 1, digital identity verification platform Billions announced the completion of a $30 million financing round, with investors including Polychain, Coinbase Ventures, Polygon, Liberty City Ventures, BITKRAFT Ventures and other institutions. This round of financing will be used to build the first universal human-AI…

#分析# 比特币# 加密# 以太坊# 交易所# 市场# 工具© 版权声明文章版权归作者所有，未经允许请勿转载。 上一篇 The Chinese gang behind Trump's cryptocurrency projectRecommended Articles 下一篇 Arthur Hayes: When Stablecoins Become Fiscal Weapons, How Does the US Dollar Redistribute Power?Recommended Articles 相关文章 EOS Legacy: Can Crypto Exchange Bullish Replicate Coinbase’s Path to IPO?Recommended Articles 6086cf14eb90bc67ca4fc62b 22,287 2 24H 热币与新闻 | 微策略或暗示将再次增持 BTC；ai16z 发起代币经济学上涨 6086cf14eb90bc67ca4fc62b 40,775 2 Gate Ventures Research Insights: The Third Browser War, the Entry Battle in the AI Agent Era 6086cf14eb90bc67ca4fc62b 25,553 Predicting Market Evolution: The iPhone Era is Coming Again 6086cf14eb90bc67ca4fc62b 15,258 2 Bitget Wallet Research Institute: Trump’s “Pension Pandora’s Box”: How will the $8.7 trillion 401(k) leverage the crypto 6086cf14eb90bc67ca4fc62b 24,341 1 Where does the value of ETH come from? A complete analysis from asset logic to business strategy 6086cf14eb90bc67ca4fc62b 26,048 4 无评论 您必须登录后才能发表评论！ 立即登录 没有评论... 最新文章 UniSat Releases Phase Updates and Upgrades, Continuously Building the Bitcoin Ecosystem 1 天前 1,383 Jack Dorsey’s Company: 4,000 White-Collar Workers Are Being Replaced by AI 1 天前 1,245 Latest Stablecoin Report: Real Distribution and Flow Are Far More Important Than Supply 1 天前 1,178 Sui DeFi’s “Three-Engine” Revolution: How New Capabilities, New Assets, and New Programs Are Building the Future of On-Chain Finance? 1 天前 1,066 On-chain Investigator ZachXBT Confirms: Axiom Employees Exploited Internal Privileges for Insider Trading 1 天前 1,002 热门网站TempoLighterGAIB滑翔机普朗克雷尔斯BCPokerVooi Bee.com 全球最大的 Web3 门户网站 合作伙伴 硬币卡 Binance CoinMarketCap CoinGecko Coinlive 装甲 下载蜜蜂网络APP，开始web3之旅 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 下载蜜蜂网络 APP 并开始 web3 之旅 全球最大的 Web3 门户网站 合作伙伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 搜索 搜索InSite链上社会新闻 热门推荐： 空投猎人 数据分析 加密货币名人 陷阱探测器 简体中文 English 繁體中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 简体中文

智能索引记录