DWF Labs: MicroStrategy, BitMine could push BTC to $10k–$20k

Andrei Grachev, co-founder of DWF Labs, wrote on X that concentrated crypto treasuries at MicroStrategy and BitMine could force large sales and push Bitcoin toward $10,000–$20,000.

MicroStrategy holds more than 843,000 BTC and is carrying about $13 billion in unrealized losses. BitMine’s treasury contains roughly 5.28 million ETH, bought at an average near $3,500 per token and facing more than $10 billion in unrealized losses.

Grachev posted the warning as market stress increased. Bitcoin fell below $60,000 after more than $1.7 billion in spot ETF outflows in a single week and after over $1 billion in liquidations across the market within 24 hours. Centralised exchange spot volume fell to about $679 billion, a recent low, while spot trading is down year over year and remains well below its October 2025 peak.

MicroStrategy’s pressure shows across its capital structure. Its variable-rate perpetual preferred stock STRC traded below $95, MSTR shares have declined, and the company sold 32 BTC for the first time since 2022.

A crypto treasury crash occurs when large holders must sell to meet funding needs or margin calls. Those sales can push prices lower and trigger further forced selling across leveraged positions and trading venues.

Grachev wrote on X: “BitMine and Strategy have all the chances to create the largest market crash in the history of crypto. Fingers crossed that it won’t happen, but if it did, what’s your strategy for BTC crash to 10-20k$?”

The wider backdrop includes persistent spot ETF outflows and a stronger U.S. jobs report that reduced near-term expectations for rate cuts. Institutions and traders have cut exposure and trading volumes remain below previous highs.

Grachev framed the post as a thought exercise and asked investors to consider contingency plans if Bitcoin and Ethereum enter a deep drawdown. He did not predict that outcome.