#WEB3 加密貨幣今年最火熱的套利交易正在崩潰：投資者賣股或借錢重倉比特幣的「加密金庫股」遭遇重挫。Strategy（原 MicroStrategy）從 7 月高位 $128B 跌至 $70B，BitMine 跌逾 30%，連 Thiel 支持的 ETHZilla 也跌 23%。市場大跌導致這些以加密資產為核心的公司股價比幣跌得更狠。
Why it matters: The collapse underscores the volatility of crypto-backed companies, especially when built on debt and retail hype.
The big picture: Crypto’s institutionalization has not tamed its risk. Even as ETFs grow, direct token exposure may prove safer than leveraged proxy plays.
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Full article https://www.wsj.com/finance/currencies/the-years-hottest-crypto-trade-is-crumbling-43e8bab5