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DCG moment of crisis: Will it explode? What "butterfly effects" might be triggered?

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What's next for DCG in the face of Gemini's onslaught?

原文标题：《 DCG 即将爆雷吗？加密市场至暗时刻或至》

Original article by Asher Zhang

Source: Biti BitpushNews

According to financial index firm. T 3 Index Data show that the BitVol (bitcoin volatility) index at 2023 Year 1 Month 1 The day fell to 49.67 & have spent , created from 2019 Year 4 New low for the month. But with nbsp; 1 Month 2 Day, Gemini Co-founder Cameron Winklevoss To the founder of DCG. Barry Silbert The crypto market is once again clouded by an open letter sent out. DCG When is the crisis most likely to erupt? In the face of Gemini Eg. Step by step, What are the next steps? DCG What butterfly effects might the crisis trigger?

DCG 危机时刻：会爆雷吗？可能引发哪些「蝴蝶效应」？

Gemini A letter from Lianchuang Public DCG, the crypto market is back

Bitcoin volatility has decreased significantly recently, and even the U.S. stock market, which has been correlated, is no longer following suit. Market analysis believes that the current low activity of long indicates that retail investors bottom hunting funds in a sharp decline, short activity indicates that the currency holders have a reluctant to sell mentality. If the main force wants to build a position, it will need a wave of panic to make the market surrender its chips. With Gemini A letter from Lianchuang Public DCG, the crypto market is once again clouding over, panic is widespread, Bitcoin volatility is also starting to increase. Neil: Well, so... How big is the crisis? And when will it come?

According to Biitou, 1 Month 2 Day, Gemini Co-founder Cameron Winklevoss On behalf of Earn Product over 34 Ten thousand users, to DCG Founder Barry Silbert Send an open letter demanding that he pay what he owes. 9 More than a billion dollars. Cameron Said: Barry Silbert For the past six weeks, he has refused to cooperate and employed malicious delaying tactics; DCG Owe Genesis About 16.75 & have spent Hundreds of millions of dollars, that's what Genesis Owe Earn Users and other creditors of the money. Barry Silbert Use that money to fuel voracious share buybacks, illiquid venture capital, suicidal gray-net worth transactions (see article). AUM Growth); All at the expense of the creditor, all for his personal benefit. Its requirements Barry Silbert Public commitment in 2023 Year 1 Month 8 "There is not much time left," he said.

DCG 危机时刻：会爆雷吗？可能引发哪些「蝴蝶效应」？

For Gemini An open letter published by Linkup. Founder Barry Silbert The response: DCG There is no following. Genesis Loan 16.75 & have spent A hundred million dollars. DCG Never missed a payment. Genesis Interest on all outstanding loans currently being repaid; The next loan due date is. 2023 Year 5 Month. DCG In 12 Month 29 Heliotropic Genesis And Gemini "Has submitted a proposal but has not received any response." For Barry Silbert "In response to the comments of Gemini's co-founder. Cameron Winklevoss He tweeted again: "There you go again. Stop pretending that you and you were innocent bystanders who didn't have a hand in creating this mess. It's hypocritical. If you hadn't borrowed the money, how could you have defaulted on Genesis 16.75,000,000 dollars? And that note, will you promise to pay it at the maturity of 1&8 ?"

The debate continues, but for now. Gemini Lianchuanghe DCG Between tweets in response to look, Whether in 1 Month 8 The daily maturity repayment will profoundly affect the trend direction of the crypto market. It is expected that with the passage of time, the panic sentiment in the crypto market will continue to intensify, and the long and short game will further become fierce.

DCG 危机时刻：会爆雷吗？可能引发哪些「蝴蝶效应」？

The crisis is at hand. How to deal with

DCG The crisis did not begin today. Gemini Eg. Step by step, What will be done next? This article reviews the crisis at the beginning, Some measures taken, perhaps for the development of the crypto market can provide some reference.

About DCG The crisis was first reported by a Twitter user as early as this year. 12 Month 15 Today, Twitter users. Andrew Tweeted that it had been communicating with Genesis Creditor communication, wherein Genesis In excess of the debt owed to creditors. 20 Hundreds of millions of dollars. Bankruptcy will be triggered. DCG Super 15 Billions of dollars in callable loans (note: this is the same as Gemini Co-founder 1 Month 2 The day is called DCG Owe Genesis About 16.75 & have spent $100 million is consistent with that). DCG A bankruptcy would trigger huge sums. GBTC Liquidation.

Then in 12 Month 17 Day, multiple with DCG (gray parent) related cryptocurrencies (FIL, ZEN, ETC, NEAR, etc.) have all sold off sharply, cryptocurrency analyst. Reflexivity Research The founder of Will Clemente Tweeted that the selling pressure may have come from. DCG By itself. CHEV Partner Adam Cochran Also said, from the specific decline of some copycat coins and trading volume, Seems to be liquidating. On the same day, according to The Block Dutch cryptocurrency trading platform Bitvavo Indicates that the storage is no longer accessible. DCG Inner 2.8 & have spent Hundreds of millions of euros 2.97 & have spent $100 million) in assets. DCG The risk of a thunderstorm has become clear.

12 Month 19 Late Sunday, the Wall Street Journal reported that Grayscale CEO Michael Sonnenshein said in a letter to investors that he would consider a tender offer for the outstanding shares of Grayscale Bitcoin Trust (GBTC) if it is not ultimately possible to convert the trust into a Bitcoin ETF. In our previous article, "What's the calculation behind Gray Offer Repurchase?

DCG Can survive the crisis "analyzed, gray this move or in. DCG Under the instruction, through the grayscale account funds to buy back the outstanding shares. GBTC, help parent company DCG Dispose of partially held GBTC, thereby improving DCG Liquidity of assets. In short, take your money and buy it. DCG In the hands of sb. GBTC, thereby injecting liquidity into it.

So from the current situation, There is a high probability that crypto assets will be liquidated further, thereby enhancing their own liquidity. Last time, it was... The time to liquidate some crypto assets is in. 12 Month 15 A few days ago, when the crypto market as a whole followed the rebound of the US stock market, the market is relatively good, and DCG The timing of the sell-off may be largely because of its size. In the short term, in the 1 Month 8 Recently, crypto market risk as a whole is larger, even if it is likely to rise. DCG Liquidation selling pressure. And with the passage of time and Gemini Eg. Step by step, And Genesis Perhaps in desperation, regardless of the market and choose to continue liquidation, and this is being gradually confirmed by the data on the chain.

From the data on the chain, 1 Month 3 Day, PeckShield monitoring shows, 2 Days ago, marked Genesis The sleep address (0 x 815 c At the beginning) will be 2 Ten thousand ETH (approx. 2400 $10,000) to 0 x 0 e 77 The first address and then the next. 2 Ten thousand nbsp; ETH Convert into wstETH, period 12 Month 31 Day stETH/ETH The exchange rate fell to a low point. 0.985 & have spent . (https://twitter.com/PeckShieldAlert/status/1610134187583082499 )

1 Month 3 Day 12 When the on-chain analyst. Noah He tweeted, "I don't know. In 1 Recharge with Coinbase before the hour. 1600 Ten thousand nbsp; Gala, worth about 282 Ten thousand dollars. The analyst said. Genesis May be actively dealing with it. Gemini Liquidity problem.

DCG 危机时刻：会爆雷吗？可能引发哪些「蝴蝶效应」？

DCG Where do you end up? All roads are big. V How to see

Adjoint DCG And Gemini With the exchange on Twitter, nerves in the crypto market are starting to fray again. Neil: Well, so... How did the crisis of... DCG Where will it end up?

1 Month 3 Day, encryption KOL Andrew Said on social media: "It is expected that crypto trading platform Gemini will soon be forced into bankruptcy proceedings by Genesis Trading , while bankruptcy will be triggered by Genesis . Liquidation of assets (based on callable loans), DCG or bankruptcy, grayscale trust assets will face significant risk."

Co-founder, Three Arrows Capital Zhu Su He tweeted: Last summer, when DCG , Babel Finance , and other firms involved in GBTC , suffered huge losses from the collapse of Three Arrows Capital, they had the cool option of restructuring. Instead, they filled the hole with left-handed redeemable promissory notes. It's like a kid losing at poker and saying, "My dad will pay you to keep playing," when "dad" is really him. DCG , like FTX, has been misleading customers for the past few months, with no one asking how it closed the loophole and all this time taking in more deposits in the hope that market prices would rise. Genesis 's creditors, who will push it into bankruptcy in the next few days and take over the remaining assets, may demand &barry to repay his cash out in a simple manner rather than waiting for the criminal case and restitution penalties from the U.S. Department of Justice."

New York Investment Management firm VanEck Director of Digital Assets Strategy Gabor Gurbacs The commentary said: "In my personal opinion, the solution is DCG equity should be sold and Genesis creditors should be compensated. This is an honest and sensible thing to do. My guess is that if there are willing sellers, there will be willing buyers.

DCG 危机时刻：会爆雷吗？可能引发哪些「蝴蝶效应」？

DCG What "butterfly Effects" the Crisis May Trigger

Gemini The co-founder of the company. DCG The public letter, once again pushed the crypto market crisis to a cusp. I've talked a lot about this because. DCG The potential crisis caused by the thunder and its future direction; Eg. However, What other "butterfly effect" has been triggered? This paper believes that the most important thing is to trigger the default of mining enterprises, thus impacting crypto financial institutions again and deepening crypto financial recession.

During this bull and bear cycle, many bitcoin miners have mismanaged their money and held large amounts of bitcoin on their books, such as Core Scientific, which filed for bankruptcy and kept nearly all of its bitcoin on its balance sheet until after the market crashed in May before selling its bitcoins. Adjoint DCG When the crisis breaks out, it is highly likely that the price of bitcoin will fall; And in this bear market, miners, already suffering, are likely to sell bitcoin further to survive, sending prices spiraling downward. Compute North (bankruptcy), Argo (collapse), and Argo (collapse; 50% ) , Bitfarms (Nasdaq issued a delisting warning), Core Scientific (shares near zero), etc. And according to nbsp; CoinDesk estimates that at least $1 billion to $2 billion of mining companies' debt stock remains undiscovered.

Miners have been overleveraged in this bull market, often using the usual form of debt as collateral for loans. And NYDIG, nbsp; BlockFi, Crypto finance firms such as Galaxy Digital, Silvergate, Trinity Capital and WhiteHawk offer these loans. With the coming of the wave of mining defaults, there will be further crisis of lenders, thus forming a chain of thunderstorms, which will undoubtedly deepen the recession of crypto finance.