I just reviewed the numbers and it's quite serious what is happening with the U.S. public pension funds. They have nearly 1.8 million shares in that leveraged Bitcoin strategy, and now they are seeing their investments drop from $577 million to just $240 million. That is a paper loss of $337 million in six months, with a 67% drop in price. What catches my attention is how these pension funds took on that risk. Treasury operations with leveraged Bitcoin can multiply gains in bullish markets, but when the price falls for an extended period, everything reverses. These funds are learning the hard way how volatile this play can be.