A "historical-level mismatch" in capital decision-making is being reevaluated by the market.

If FTX had not liquidated Solana and related assets at the time, its total asset size could theoretically have reached about $114 billion.
What this data reveals is not just accounting losses, but a classic "cycle misjudgment" in crypto history:
During the most liquidity-tight and pessimistic phase, passively selling high-quality assets often means giving up the greatest dividends of the next cycle.
And the core issue behind this decision is—
When the market enters an extreme phase, how to balance risk control and long-term value judgment?
The case of Sam Bankman-Fried essentially becomes a classic lesson in the crypto market:
Not all risks come from price declines; some risks come from "making correct but short-sighted decisions at the wrong time."
The truly costly thing is not the loss itself, but missing out on the entire cycle.
Follow me for ongoing analysis of key decisions and cycle logic in crypto history.