The crypto market is starting to bleed, and cracks are appearing in the way crypto treasury companies are operating—like stepping on both feet simultaneously. Although many people got liquidated yesterday, the amounts weren't large. The reason is that the malicious price manipulations on the 10th and 11th have already wiped out most people's funds. Crypto treasury companies are beginning to experience failures one after another. Most importantly, someone has finally started shorting NVIDIA in this cycle. Now, it's just a matter of whether Mr. Chu can perform his magic with the chart.