Only some figures spark as a lot fascination and controversy within the crypto market as Murad, the dealer who tied almost his complete web price to a single asset, SPX6900 (SPX).
His conviction, bordering on obsession, has break up opinion throughout X (Twitter). Whereas some name him delusional, others hail his dedication because the embodiment of crypto’s countercultural ethos.
Murad’s Conviction Collides with a Brutal Drawdown
Murad has positioned SPX6900 as a novel cultural and monetary phenomenon, arguing that the altcoin could also be poised for vital progress.
For Murad, SPX is not only one other speculative token. It represents a fusion of crypto’s strongest subcultures, like self-discipline, ardour, generosity, and rise up, all compressed into one narrative asset.
“There has by no means been an asset which mixed: 1) The extreme HODL + DCA tradition of BTC, 2) The eagerness and evangelism of XRP, 3) The tipping tradition of DOGE, 4) The counter-culture spirit of GME…This might be greater than something we’ve ever seen earlier than,” wrote Murad.
But conviction comes at a price. BeInCrypto reported that the SPX worth not too long ago suffered a steep correction, falling 35% from its $2.15 peak.
Murad, who owns 30 million SPX tokens and has refused to promote a single one, noticed his portfolio collapse from $67 million to $42.8 million. SPX now makes up over 97% of his holdings, exposing him nearly solely to its volatility.
The ache deepened in latest days. In response to Arkham Intelligence, Murad’s portfolio has hit a three-month low, with SPX’s worth down almost 60% since July.
Murad’s Portfolio. Supply: Arkham Intelligence
Critics argue he has “round-tripped” tens of tens of millions, which means he noticed the worth go up quick earlier than crashing again all the way down to the start line.
Murad spherical tripped his memecoins bag from $50M to $10M 😳
I can’t imagine how he’s feeling proper now pic.twitter.com/oCcVutd7xL
— atlas (@atlasx100) September 29, 2025
Arkham echoed the sentiment, noting that Murad has round-tripped over $35 million since his portfolio peaked.
“Think about round-tripping $30 million. Murad has made a round-trip of over $35 million since his portfolio peaked in July, 3 months in the past. Is it over for Murad, or will he make it again?” Arkham remarked.
Is Murad’s Perception Greater Than Numbers?
Regardless of the drawdowns, Murad stays defiantly bullish, predicting SPX may nonetheless attain $1,000. Such a transfer would catapult his portfolio to over $30 billion.
In 2018, folks referred to as me a schizo after I referred to as BTC to $1,000,000
Now it’s commonplace consensus.
I’m now calling SPX6900 to $1,000+
— Murad 💹🧲 (@MustStopMurad) September 17, 2025
Supporters argue his imaginative and prescient faucets into one thing deeper than worth charts. Commentator Maddox recommended SPX6900 may very well be the vessel for a re-emergence of the societal discontent that when propelled Bitcoin and GameStop (GME).
“Do you assume there’s nonetheless a really massive group of individuals in society that really feel just like the system will not be working for them and don’t have another? Bitcoin was another; do you assume now could be the time one other different is sensible?” Maddox wrote.
In the meantime, different customers see Murad’s dedication to SPX6900 as proof of collective resilience.
Conversely, skeptics warn that Murad’s stance seems to be much less like visionary conviction and extra like reckless denial. Nonetheless, in crypto, narrative usually strikes markets, and SPX6900’s narrative is undeniably sturdy.
With rising holder progress and trade provide hitting one-year lows, some argue accumulation is quietly constructing momentum beneath the floor.
As of this writing, SPX, the powering token for the SPX6900, was buying and selling for $0.9563, down by nearly 5% within the final 24 hours.
The put up Murad’s $67 Million Wager on SPX6900 Tanks — Visionary or Delusional? appeared first on BeInCrypto.
