The end of this bear market may be similar to the last one, not retail investors surrendering their chips, but institutions liquidating. The last round of liquidation involved Three Arrows Capital, and this round could involve similar crypto-equity institutions like BMNR. Tom Lee and other crypto-equity companies facing massive unrealized losses of around $10 billion USD are also at risk. Cryptocurrency prices plummet, followed by stock prices crashing as well. Financing becomes even more difficult, making it hard to add positions. As a result, cryptocurrencies become more prone to decline. The vicious cycle of a bear market has already begun. During a bull market, crypto stocks climb spirally with both feet on the ground, but the bear market causes chain liquidations. Just look at Luna to understand how many crypto companies might face collapse in this cycle. If a similar BMNR reserve company collapses in 2026, its impact could be as severe as the FTX or Three Arrows Capital crises in 2022. Companies holding reserve cryptocurrencies (such as MSTR, MARA, Bitmine, etc.) usually trade at a high premium. When their stock prices fall below the net asset value of their holdings, they raise funds by issuing more shares to buy more crypto assets. Crypto-equity companies also raise funds through convertible bonds. If stock prices remain depressed for a long time and the company cannot offset debts through debt-to-equity conversions upon maturity, they must pay cash. In a cash flow crunch, selling crypto assets to pay off debts becomes the inevitable option. Therefore, the end of this bear market may not be retail investors surrendering their chips, but institutions liquidating. $btc