Bitcoin has recently been fluctuating around $89,000, and the market is once again worried about whether it will test the bottom again. If it drops back to $74,000, will it trigger a chain of liquidations? Some analysis institutions have provided an answer: no.

The data is clear. A leading institution holds approximately 670,000 BTC, with a market value close to $58.7 billion, and total debt of only $8.24 billion. Even if assets are calculated at $74,000, there are still $49.76 billion remaining, far exceeding the debt. Moreover, these Bitcoins are not collateralized assets; there is no margin call mechanism, nor is there a forced liquidation logic.

So why is the stock price still being hammered? On the surface, it appears to be due to MSCI rule adjustments and a major bank raising margin requirements, but deeper down, the real hidden risk lies in equity dilution. Continuously issuing new shares to buy coins—this logic is not very friendly to long-term shareholders. The market's concern is not about risk, but about the sustainability of growth.