$Canaan(CAN.US)Root cause Tight cash flow, high inventory, expansion requires financing Passive capital injection, not expansion investment, market interpretation Management lacks capital discipline → Rising dilution risk

Short-term impact Negative, stock price under pressure, institutional confidence declines

Medium to long term If funds are truly used for capacity/computing power, still repairable

Worst case If BTC doesn't rise + self-mining lags → Possible additional issuance, so next depends on whether BTC rises. If it rises, Canaan can still return to $2, possibly $3. If BTC doesn't rise, it's already peaked. I'm still bullish on BTC reaching 150k by year-end.