ETH treasury shift triggers 94% collapse
SBET’s transition into an ETH treasury structure has already turned into a severe drawdown (now ~$729 vs a prior ~$124 to ~$124 high, a ~94.1% drawdown), indicating the market now prices structural fragility rather than treasury outperformance.
The transition to an ETH treasury model has destroyed ~94.1% of SBET's value from its prior highs, reflecting market repricing of structural fragility over treasury outperformance. The drawdown magnitude aligns with broader ETH treasury vehicle unwind mechanics.
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