* Loss of narrative dominance (AI, new tech)
* Nation-state accumulation then dumping
* Quantum exploit
* Protocol bug or exploit
* Network attack (51% attack)
* Social consensus fracture (fork risk)
* Regulatory crackdowns
* Government bans or restrictions
* Mining centralization
* Custodial risk (exchanges, ETFs)
* Black swan exchange failure
* Stablecoin collapse contagion
* Liquidity crunch
* ETF outflows / institutional reversal
* Macro tightening (rates, dollar strength)
* Taxation policy changes
* Self-custody failure / key loss
* Developer centralization
* Energy / ESG backlash
* Lightning Network adoption stagnation
