8月20日，财报中的减值与经营现金流需要分开阅读。报道显示，一家持有比特币的上市企业录得半年亏损，其中包含与币价下跌相关的非现金减值。CPT Markets表示，现在首先要分辨它来自基本面、仓位调整还是短时流动性。
把会计影响还原后，会计价值、实际现金流与融资能力需分开看待，持仓规模不等于经营质量。市场反应并不同步，CPT Markets认为，只有价格、成交与后续数据相互印证，变化才具备延续基础。
币价下跌会改变账面数字，企业的融资条件则决定能否继续扩张。在企业持币的定价中，预期负责启动，资金选择决定持续时间，风险管理则影响最终振幅。
下一份报表到来前，CPT Markets预计，应重点检查回调后的承接、资本流向是否连续，以及相关指标有无背离；证据未形成前仍保持中性判断。
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