近期加密貨幣市場出現劇烈震盪，「持有71萬枚比特幣的巨鯨瀕臨破產」一說迅速成為全球金融市場焦點。隨著比特幣價格在短時間內大幅回落，市場開始重新檢視企業型持幣模式的風險結構，也讓加密資產是否仍具備避險屬性的討論再次升溫。綜合近期財經資訊與市場分析，事件核心其實反映的是企業財務槓桿與加密市場週期交錯所帶來的壓力，而非單一公司的即時崩潰。

外界普遍認為，傳聞中的「巨鯨」指向全球持有比特幣最多的上市公司——MicroStrategy（部分媒體亦稱其為 Strategy）。截至2026年2月初，該公司累計持有約714,644枚比特幣，規模遠超其他企業機構，使其股價與公司財務幾乎與比特幣價格高度綁定。當比特幣自約12萬美元高點快速回落，並在2月6日一度跌破6萬美元時，公司平均約7.6萬美元的持倉成本立即面臨巨大壓力，帳面浮虧一度逼近90億美元，引發市場對其財務穩定性的高度關注。

然而，真正被分析師視為風險來源的並非單純價格下跌，而是公司長期採用的高槓桿資本策略。MicroStrategy 過去多年透過發行可轉換公司債與優先股籌資購買比特幣，使其資產負債表高度依賴市場信心與再融資能力。一旦幣價長期低迷導致投資人風險偏好下降，公司再融資成本可能急速上升，甚至出現資金管道收縮的情況。部分投資銀行人士因此形容，公司正面臨「接近財務壓力臨界點」的狀態，也就是市場口中的「破產邊緣」，但這更多是一種結構性風險警告，而非立即性違約。

此次市場震盪同時凸顯比特幣金融屬性的轉變。過去數年間，比特幣常被支持者視為「數位黃金」，理論上應在全球不確定性升高時展現避險功能。然而近期走勢卻與黃金明顯分化：當避險資金推升黃金價格時，比特幣反而隨著風險資產同步下跌。市場數據顯示，自2025年下半年以來，比特幣與美國科技股的價格相關性一度高達0.8，使其波動特性更接近高風險成長型資產，而非傳統避險工具。

分析人士指出，這種變化源於加密市場的「機構化」。隨著上市公司、ETF與大型資產管理機構進場，比特幣價格不再單純由散戶信念或去中心化理念主導，而是愈來愈受到全球流動性周期、利率政策與企業資產負債表限制的影響。換言之，比特幣逐漸從理想主義驅動的資產，轉變為與宏觀金融環境高度連動的風險資產。

在幣價大幅修正的背景下，不同市場巨頭採取截然不同的應對策略。中國背景的礦業公司Cango（燦谷）於2月9 日公告出售4,451枚比特幣，用於償還抵押貸款並降低槓桿，展現防禦性資產管理思維。相較之下，MicroStrategy 反而在 2 月第一週以約7.8萬美元均價逆勢增持1,142枚比特幣，延續其長期看多策略，試圖透過拉低平均成本來強化未來反彈收益。同時，電動車巨頭Tesla目前仍持有約11,509枚比特幣，市場觀察顯示近期並未出現明顯減持跡象，態度偏向觀望。

值得特別注意的是，儘管市場情緒偏向悲觀，MicroStrategy管理層過去多次強調，公司資產負債表仍具備一定韌性。執行長曾表示，除非比特幣價格跌至極端低點（例如約8,000美元），否則公司仍能維持財務運作。因此，目前市場所謂的「瀕臨破產」，更準確地說是其依賴市場溢價與融資能力的商業模式正在接受嚴峻壓力測試，而非短期內即將被清算。

整體而言，這場風波象徵加密市場進入新的成熟階段：當大型企業與傳統金融工具深度介入後，比特幣價格波動已不僅是加密圈內事件，而成為全球資本市場風險循環的一部分。未來市場走向，將不只取決於技術或信仰，而更受到利率環境、流動性與機構資金行為的主導。

The cryptocurrency market has recently experienced severe volatility, and reports claiming that a “whale holding 710,000 Bitcoins is nearing bankruptcy” have drawn widespread global attention. As Bitcoin prices fell sharply within a short period, investors began reassessing the risks associated with corporate Bitcoin accumulation strategies, while debates resurfaced over whether Bitcoin still functions as a safe-haven asset. Based on the latest financial information and market analysis, the situation reflects structural pressures created by leveraged corporate finance intersecting with crypto market cycles rather than an imminent corporate collapse.

The entity widely identified as the rumored “whale” is MicroStrategy, the publicly listed company that holds the largest amount of Bitcoin in the world (with some media outlets now referring to it simply as “Strategy”). As of early February 2026, the company held approximately 714,644 Bitcoins, far exceeding other institutional holders and effectively tying its corporate valuation and financial health to Bitcoin’s price performance. When Bitcoin fell from a peak near $120,000 and briefly dropped below $60,000 on February 6, the company’s average acquisition cost—around $76,000 per Bitcoin—came under heavy pressure, with unrealized losses at one point approaching $9 billion, triggering heightened concerns about financial stability.

Analysts emphasize that the primary risk does not stem solely from falling prices but from the company’s highly leveraged capital structure. Over several years, MicroStrategy financed Bitcoin purchases through convertible bonds and preferred stock offerings, making its balance sheet heavily dependent on market confidence and continued access to financing. If Bitcoin remains depressed for an extended period and investor risk appetite weakens, refinancing costs could rise sharply or funding channels could tighten. Some investment bankers have therefore described the company as approaching a “financial stress threshold,” a phrase widely interpreted by markets as being “near bankruptcy,” though this characterization refers more to structural vulnerability than an immediate default scenario.

The recent turbulence also highlights a broader transformation in Bitcoin’s financial identity. For years, Bitcoin was promoted as “digital gold,” expected to act as a hedge during periods of global uncertainty. However, recent market behavior shows a clear divergence: while gold prices have risen amid safe-haven demand, Bitcoin has declined alongside risk assets. Market data indicates that since the second half of 2025, Bitcoin’s correlation with U.S. technology stocks has reached roughly 0.8, suggesting behavior more comparable to a high-volatility growth asset than a traditional hedge.

Market observers attribute this shift to the increasing institutionalization of the crypto market. As publicly listed companies, ETFs, and large asset managers entered the space, Bitcoin pricing became less driven by retail investor ideology and more influenced by macroeconomic liquidity cycles, interest rate expectations, and corporate balance-sheet constraints. In other words, Bitcoin has gradually evolved from an ideology-driven asset into one closely linked with broader global financial conditions.

Major market participants have responded differently to the price downturn. The mining-related company Cango announced on February 9 that it sold 4,451 Bitcoins to repay collateralized loans and reduce leverage, reflecting a defensive risk-management strategy. In contrast, MicroStrategy continued to buy, acquiring an additional 1,142 Bitcoins during the first week of February at an average price of about $78,000, maintaining its long-term bullish stance and attempting to lower its average cost basis. Meanwhile, electric vehicle manufacturer Tesla still holds approximately 11,509 Bitcoins and has shown no recent signs of selling, suggesting a wait-and-see approach.

Importantly, despite pessimistic market sentiment, MicroStrategy’s leadership has repeatedly stated that the company’s balance sheet remains resilient. The CEO has previously indicated that only an extreme Bitcoin collapse—such as a drop toward $8,000—would significantly threaten operational stability. As such, current claims that the company is “on the brink of bankruptcy” more accurately describe a business model under pressure due to shrinking market premiums and tighter financing conditions, rather than an imminent liquidation risk.

Overall, this episode signals a new phase of maturity for the cryptocurrency market. With large corporations and traditional financial instruments now deeply involved, Bitcoin price movements are no longer confined to the crypto ecosystem but have become part of the broader global capital market risk cycle. Future market direction will likely depend less on technological belief or community sentiment and more on interest rates, liquidity conditions, and institutional investment behavior.