Bitcoin Drop Below $117K Pressures Treasury Firms — Risk of Further Deleveraging

I'm watching a sharp revaluation in crypto balance sheets as Bitcoin drops below $117,000 and Ether slips toward $4,400. Digital-asset treasury firms with concentrated crypto holdings are taking heavy mark-to-market losses that are already showing up in liquidity strains and tighter funding conditions.

I believe the immediate risk is elevated: forced selling, margin calls and a feedback loop of deleveraging could amplify downside before a sustainable recovery. Correlated declines in BTC and ETH increase the chance that even diversified crypto treasuries will feel stress.

I'm monitoring on-chain flows, derivatives funding rates and treasury disclosures for signs of capitulation or stabilization; until I see persistent inflows or funding normalization, I expect risk remains skewed to the downside.