Yang Haipo, founder of cryptocurrency exchange CoinEx, claimed that the cryptocurrency market is based solely on consensus without real value and will experience a massive collapse due to annual operating costs of $50 billion and the depletion of new funds. He stated, "While the total cryptocurrency market capitalization currently exceeds $2 trillion, the supply of stablecoins, which act as actual collateral, is estimated to be between $250 billion and $300 billion. This implies an effective leverage of 8 to 10 times. This means that if 5-10% of all cryptocurrency holders attempt to cash out simultaneously, prices could plummet due to liquidity evaporation. Funds flowed in through individuals in 2017, institutions in 2021, and ETFs in 2024, but the capacity for new fund inflows has now been exhausted. While the labor costs for approximately 1.6 million related workers worldwide, mining costs, and exchange operating expenses are continuously eroding internal capital, the actual revenue generated externally, such as from stablecoin settlements, accounts for only a tiny fraction of the operating costs." He explained, "The system is structured such that the entire system will collapse, unable to withstand the bleed, the moment new investor fund inflows fall below annual operating costs."
