TechFlame reports that on November 9, Bitmine's Ethereum treasury recorded a loss of over $13 billion, with its stock price down 70% from its peak. Strategy (formerly MicroStrategy) holds approximately 641,200 BTC, still showing a floating profit of about $17.8 billion, but its stock price has declined by 56%.

BiyaPay analysts believe the peak of selling has not yet arrived. ETF net outflows and tightening liquidity could make treasury companies the next trigger point. Be cautious of the strong correlation between cryptocurrency prices and related stocks—when crypto rises, stocks rise; when crypto falls, stocks fall. Recently, this connection has been tightening. If you are concerned about volatility, you can use BiyaPay to hedge with USDT in U.S./Hong Kong stocks or futures, or manage risks with zero-fee crypto spot/contract trading.