Odaily星球日报讯 惠誉评级警告称，由于价格波动、结构复杂性和交易对手风险敞口，比特币支持的证券存在较高的市场价值风险，这些工具依赖比特币作为抵押品，其清算触发机制可能会放大损失。以往加密货币贷款机构的破产以及比特币的极端波动（例如 2020 年 3 月 49%的暴跌）凸显了采取保守融资策略和健全风险管理的重要性。

<p>Odaily星球日报讯 惠誉评级警告称，由于价格波动、结构复杂性和交易对手风险敞口，比特币支持的证券存在较高的市场价值风险，这些工具依赖比特币作为抵押品，其清算触发机制可能会放大损失。以往加密货币贷款机构的破产以及比特币的极端波动（例如 2020 年 3 月 49%的暴跌）凸显了采取保守融资策略和健全风险管理的重要性。</p>

惠誉：比特币支持的证券风险极高

Odaily Odaily reports that Fitch Ratings has warned that Bitcoin-backed securities carry a high degree of market value risk due to price volatility, structural complexity, and counterparty exposure. These instruments rely on Bitcoin as collateral, and their liquidation trigger mechanisms could amplify losses. Past bankruptcies of cryptocurrency lenders and extreme Bitcoin volatility (such as the 49% crash in March 2020) highlight the importance of adopting conservative financing strategies and sound risk management.

<p>Odaily Odaily reports that Fitch Ratings has warned that Bitcoin-backed securities carry a high degree of market value risk due to price volatility, structural complexity, and counterparty exposure. These instruments rely on Bitcoin as collateral, and their liquidation trigger mechanisms could amplify losses. Past bankruptcies of cryptocurrency lenders and extreme Bitcoin volatility (such as the 49% crash in March 2020) highlight the importance of adopting conservative financing strategies and sound risk management.</p>

Fitch: Bitcoin-backed securities are extremely risky

Author: Nick Sawinyh
Compiled by: Felix, PANews(This article has been abridged)
Polymarket has evolved from a niche crypto experiment into the world's largest prediction market platform. With a projected trading volume exceeding $44 billion by 2025, it is valued at approximately $9 billion after a $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
Polymarket's growth has also spurred equally remarkable results: an ecosystem encompassing over 170 third-party tools across 19 categories...

Polymarket Ecosystem Guide: Over 170 Tools, Robots, and Products Reshaping Prediction Markets

<img alt="" class="attachment-large size-large wp-post-image" height="683" src="https://i0.wp.com/abmedia.io/wp-content/uploads/2026/01/south-korea-limit-corporate-crypto-investment.jpg?fit=1024%2C683...

Billions of dollars about to enter the market? South Korea plans to lift restrictions on corporate investment in crypto assets, setting a 5% cap to test the waters.

One of the most frequently asked questions lately is: how should we view Ethereum's narrative?

Admittedly, Ethereum focused on ICOs and world computing in 2017, and DeFi and financial settlement layers in 2021. However, in 2025, there seems to be very few new narratives that can rival the older ones in terms of scale.

ETFs and staking ETFs might be considered half of it, but these are not under the control of Ethereum developers. If we have to name the other half, it has to be ZK.

Ethereum is indeed the public chain with the most ZK bets in the entire crypto world...