Recently, I’ve been pondering an interesting phenomenon and want to share it with everyone.

The total market value of the global crypto asset ecosystem is currently around $3 trillion. This includes small retail holdings as well as heavy positions held by large investment institutions, commercial banks, and even pension funds. The number is staggering, but it becomes more interesting when broken down.

What is the core driver of this chess game in cryptocurrencies? Almost all project price movements revolve around BTC. When BTC rises, the entire ecosystem follows suit and often surges even more dramatically. Conversely, when BTC falls, other coins tend to drop even more sharply. In simple terms, Bitcoin is the ballast stone of this industry.

So, what supports Bitcoin’s operation? It’s hash power. The total value of all Bitcoin mining hardware worldwide is about $30 billion. This number doesn’t sound small, but when viewed within the entire ecosystem, it’s somewhat fragile.

This involves a technical issue—51% attack. Honestly, this isn’t a bug but an inherent property of decentralized networks. As long as an attacker controls more than half of the network’s hash power, they can theoretically alter the ledger, double-spend transactions, and destroy the consensus mechanism. All blockchains face this challenge.

From another perspective, if someone could raise $15 billion to deploy new mining hardware and thus control 51% of BTC’s hash power, they could do whatever they want. It’s not just about stealing some coins but about completely destroying Bitcoin’s value consensus, which could trigger a domino effect—potentially turning the entire $3 trillion crypto ecosystem into a bubble in an instant.

A spark, a big firework.