I’m noticing that more and more analysts are starting to seriously discuss a potential larger-scale crypto crash. Yang Haipo, among the latest to express concrete doubts, raised a point that can’t be ignored: Bitcoin’s market capitalization has surpassed one trillion dollars—an amount that legitimately raises questions about the sustainability of the current market structure.

According to his observations, ETFs and DATs are now the last major injections of capital left. Think about it for a moment: if these are the last significant channels, what happens next? The picture that emerges is anything but encouraging. The industry continues to burn tens of billions of dollars every year, the buyer base is shrinking, and funding is becoming increasingly difficult to obtain. It’s the typical scenario of a market reaching the limits of its expansion.

What stands out is how a crypto crash is no longer a fringe theory, but a concern that resonates among more vigilant market participants. The question everyone should be asking is: are we truly witnessing the approach of an inevitable end? The numbers suggest that the current model can no longer hold. If a crypto crash arrives, it probably won’t be a surprise for anyone who has kept their eyes open to these indicators.