– Vitalik Buterin warns systemic risks from excessive leverage in Ethereum treasury firms.
– Over $10B in ETH accumulated by institutions, led by BitMine Immersion’s $3B holdings.
– Unchecked leverage could trigger cascading liquidations, echoing Terra’s collapse risks.
– Mike Novogratz notes treasury boom stabilizes crypto but faces competitive challenges.
– Sustainable growth requires balancing institutional adoption with prudent risk management.
