Back to collectionThree arrows fell: the winter of financing
Three Arrows Capital, which once had a management scale of tens of billions of dollars, was proven to be unable to cope with margin calls from all parties - starting from the losing position on Luna, the leverage collapsed like dominoes. One of the industry's largest crypto hedge funds went from "smart money" to the biggest bad debt on any lending ledger in just one week. BTC is hovering on the edge of 20,000, and no one is talking about buying the bottom anymore.
Three Arrows Capital, which once had a management scale of tens of billions of dollars, was proven to be unable to cope with margin calls from all parties - starting from the losing position on Luna, the leverage collapsed like dominoes. One of the industry's largest crypto hedge funds went from "smart money" to the biggest bad debt on any lending ledger in just one week. BTC is hovering on the edge of 20,000, and no one is talking about buying the bottom anymore.
For the studio, the impact is not on currency prices but on financing: one of the two funds that were still in contact lost contact directly, and the other politely withdrew its investment terms - "waiting for the market to clear up." The finance manager told the truth at the weekly meeting: the US$8.5 million at the end of last year was the last train. From today on, the financing environment has officially entered a frozen period, and you can only save the runway by yourself.
Author's note: In a bull market, money chases projects, and in a bear market, projects chase money; but after the three arrows fell, there was no money left to chase.