{"id":16039,"date":"2025-11-05T19:00:00","date_gmt":"2025-11-05T19:00:00","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=16039"},"modified":"2025-11-05T16:10:10","modified_gmt":"2025-11-05T16:10:10","slug":"tresoreries-crypto-chute-marche","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/tresoreries-crypto-chute-marche\/","title":{"rendered":"Les tr\u00e9soreries crypto accus\u00e9es d\u2019amplifier la chute du march\u00e9"},"content":{"rendered":"<h2>Quand la tr\u00e9sorerie devient un risque<\/h2>\n<p>Beaucoup ont lev\u00e9 vite, parfois via SPAC ou PIPE, avec des obligations convertibles \u00e0 l&rsquo;horizon et des promesses de \u00ab rendement \u00bb \u00e0 honorer. Lorsque le march\u00e9 se retourne, la m\u00eame poche de r\u00e9serve devient un stock \u00e0 \u00e9couler, m\u00e9thodiquement.<\/p>\n<p>La th\u00e8se n&rsquo;est pas anecdotique. Un professeur de Columbia, Omid Malekan, a r\u00e9sum\u00e9 le ph\u00e9nom\u00e8ne en rappelant que ces entit\u00e9s ont servi d&rsquo;\u00ab \u00e9v\u00e9nement d&rsquo;extraction et de sortie \u00bb \u00e0 grande \u00e9chelle, lib\u00e9rant des jetons suppos\u00e9s verrouill\u00e9s et ajoutant une offer qui n&rsquo;\u00e9tait pas <strong>pric\u00e9e<\/strong>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Any analysis of why crypto prices continue to fall needs to include DATs, because in aggregate they turned out to be a mass extraction and exit event &#8211; a reason for prices to go down.<\/p>\n<p>There are a few exceptions, projects that actually tried to execute the playbook my friend and\u2026<\/p>\n<p>&mdash; Omid Malekan \ud83e\uddd9\ud83c\udffd\u200d\u2642\ufe0f (@malekanoms) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/malekanoms\/status\/1985694608165068988?ref_src=twsrc%5Etfw\">November 4, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>L&rsquo;effet psychologique est imm\u00e9diat. Les desks qui voyaient dans ces bilans un filet de s\u00e9curit\u00e9 d\u00e9couvrent qu&rsquo;il peut se transformer en trappe.<\/p>\n<p>Les nouvelles \u00e9missions lib\u00e9r\u00e9es, les vestings d&rsquo;\u00e9quipes et les ventes OTC qui finissent sur les carnets cr\u00e9ent des marches d&rsquo;escalier \u00e0 la baisse. Par ailleurs, et quand les prix cassent des supports, les collat\u00e9raux se d\u00e9gradent, les covenants se r\u00e9veillent, les appels de marge s&rsquo;encha\u00eenent.<\/p>\n<p>On ne parle plus seulement de sp\u00e9culateurs sur-levi\u00e9ris\u00e9s, mais d&rsquo;acteurs institutionnels contraints par leurs <a href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-bitcoin\/\">propres passifs<\/a>.<\/p>\n<h2>Le m\u00e9canisme de la spirale<\/h2>\n<p>Dans un march\u00e9 port\u00e9 par la liquidit\u00e9, la micro-structure compte. Un fonds de tr\u00e9sorerie qui a promis X% de rendement annuel sur des positions stak\u00e9es se retrouve soudain avec des flux sortants, du collat\u00e9ral moins riche et des verrous qui sautent sur des allocations \u00ab \u00e9cosyst\u00e8me \u00bb.<\/p>\n<p>Il c\u00e8de des poches o\u00f9 la profondeur est mince. En cons\u00e9quence, les teneurs de march\u00e9, eux, r\u00e9duisent le risque, \u00e9largissent les spreads, ce qui rend chaque ordre de vente plus impactant.<\/p>\n<p>Dans ce contexte, il faut scruter le calendrier des maturit\u00e9s de dettes des soci\u00e9t\u00e9s list\u00e9es qui ont empil\u00e9 du BTC ou d&rsquo;autres tokens. Tant que leurs actions restent au-dessus des prix de conversion, elles roulent.<\/p>\n<p>Si le titre faiblit, la tentation de vendre une tranche d&rsquo;actifs num\u00e9riques pour respirer augmente. D&rsquo;ailleurs, l&rsquo;histoire r\u00e9cente a d\u00e9j\u00e0 montr\u00e9 que m\u00eame les acteurs per\u00e7us comme \u00ab in\u00e9branlables \u00bb ajustent leur cadence d&rsquo;achat quand le march\u00e9 devient hostile.<\/p>\n<p>Est-ce grave ? Pas forc\u00e9ment, mais cela retire un pilier de la demande \u00e0 court terme, et le march\u00e9 le <a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-standard-treasury\/\">ressent<\/a>.<\/p>\n<h2>L&rsquo;afflux corporate, b\u00e9n\u00e9diction ou bombe \u00e0 retardement<\/h2>\n<p>Paradoxalement, l&rsquo;adoption institutionnelle n&rsquo;a jamais \u00e9t\u00e9 aussi visible. Rien qu&rsquo;en octobre, 48 nouvelles soci\u00e9t\u00e9s ont ajout\u00e9 du Bitcoin \u00e0 leur bilan, portant l&rsquo;ensemble \u00e0 207 entit\u00e9s et \u00e0 plus d&rsquo;un million de BTC en r\u00e9serve, pour plus de 101 Mds$.<\/p>\n<p>C\u00f4t\u00e9 Ether, environ 70 entreprises d\u00e9tiennent d\u00e9sormais pr\u00e8s de 6,14 millions d&rsquo;ETH, soit plus de 20 Mds$ en valeur.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Absolutely remarkable. In Q3 alone:<\/p>\n<p>1. The number of public corporations that own BTC increased 38%<\/p>\n<p>2. The amount of BTC these 172 pub cos own increased 20% to over 4.8% of all Bitcoin<\/p>\n<p>People want to own bitcoin. Companies do too. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/pL2vjTtBIs\">https:\/\/t.co\/pL2vjTtBIs<\/a><\/p>\n<p>&mdash; Hunter Horsley (@HHorsley) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/HHorsley\/status\/1978237319556514148?ref_src=twsrc%5Etfw\">October 14, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>D&rsquo;un point de vue structurel, c&rsquo;est une courbe en cloche : \u00e0 l&rsquo;aller, l&rsquo;app\u00e9tit corporate aspire l&rsquo;offre, ass\u00e8che les carnets et tire les prix.<\/p>\n<p>Au retour, si les conditions de financement se tendent ou si les promesses de rendement p\u00e8sent trop, la m\u00eame base d&rsquo;acheteurs se met \u00e0 devenir vendeuse, parfois en dehors du march\u00e9, parfois en cascade.<\/p>\n<p>La question est simple : les nouveaux d\u00e9tenteurs auront-ils la patience et la gouvernance pour tenir quand la <strong>volatilit\u00e9 morde vraiment<\/strong> ?<\/p>\n<h2>Qu&rsquo;observer maintenant, tr\u00e8s concr\u00e8tement<\/h2>\n<p>Si les achats r\u00e9currents reprennent de la vigueur, ils absorbent l&rsquo;exc\u00e8s d&rsquo;offre et recr\u00e9ent une base. S&rsquo;ils ralentissent tandis que des conversions de dette approchent, la <a href=\"https:\/\/www.coinspeaker.com\/fr\/michael-saylor-nouvel-achat-bitcoin\/\">pression s&rsquo;accumule<\/a>.<\/p>\n<p>Au fond, il ne s&rsquo;agit pas de d\u00e9signer un bouc \u00e9missaire, mais de reconna\u00eetre une r\u00e9alit\u00e9 de cycle. Ensuite, les tr\u00e9soreries crypto ont apport\u00e9 de la l\u00e9gitimit\u00e9 et du capital, elles apportent aussi de la cyclicit\u00e9 et, parfois, du sur-levier d\u00e9guis\u00e9.<\/p>\n<p>Le march\u00e9 n&rsquo;aime pas les surprises. Il d\u00e9teste encore plus apprendre apr\u00e8s coup que les vendeurs n&rsquo;\u00e9taient pas des mains faibles, mais des tr\u00e9soriers press\u00e9s par des \u00e9ch\u00e9ances.<\/p>\n<p>La bonne nouvelle ? Les pratiques \u00e9voluent, sous la pression des investisseurs et des r\u00e9gulateurs. Et si la prochaine jambe de la tendance haussi\u00e8re doit tenir, elle se construira aussi sur cette <a href=\"https:\/\/bitcointreasuries.net\/\" target=\"_blank\" rel=\"noopener\">transparence retrouv\u00e9e<\/a>.<\/p>\n<hr \/>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-bitcoin\/\">Strategy d\u00e9tient d\u00e9sormais 3 % de tous les Bitcoin en circulation<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-standard-treasury\/\">30 000 BTC acquis : Bitcoin Standard Treasury la 4e plus grande tr\u00e9sorerie<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/michael-saylor-nouvel-achat-bitcoin\/\">Michael Saylor tease un nouvel achat massif de Bitcoin<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/freelance-cibles-espions-coree-nord\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>On a longtemps pr\u00e9sent\u00e9 les digital asset treasuries comme des amortisseurs : elles ach\u00e8tent, elles gardent, elles rassurent. Sauf qu&rsquo;une partie d&rsquo;entre elles n&rsquo;a jamais \u00e9t\u00e9 pens\u00e9e pour tenir un cycle complet.<\/p>\n","protected":false},"author":200,"featured_media":16045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Les tr\u00e9soreries crypto accus\u00e9es d\u2019amplifier la chute du march\u00e9<\/title>\n<meta name=\"description\" content=\"Selon Omid Malekan, professeur \u00e0 Columbia, les soci\u00e9t\u00e9s crypto avec tr\u00e9sorerie aggravent la chute du march\u00e9 par leurs ventes massives.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=16039"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16039\/revisions"}],"predecessor-version":[{"id":16084,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16039\/revisions\/16084"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/16045"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=16039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=16039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=16039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}