The next cycle of Bitcoin's bear market has already been foreshadowed today.

Saylor is about to become the biggest gambler in Bitcoin history; Saylor has packaged MSTR's Bitcoin long leverage into a convex product called STRC, which looks like a high-yield deposit, and sold it to yield-focused buyers who don't understand convexity (according to Saylor's earnings call, almost all are individual investors).
Once STRC collapses, it will simultaneously hit STRC holders, MSTR's common stock, and the spot Bitcoin market—this is currently the purest and largest convexity-selling structure in the financial market.
Saylor is betting that Bitcoin's long-term annualized return can outperform all convexity costs; this is his conscious convexity bet. But for STRC investors, they are on the opposite side of the trade.

It can be equally compared to the U.S. subprime mortgage crisis of 2008.
The marketing pitch for STRC is similar to that of CDOs back then—high-yield savings accounts, substitutes for money market funds, targeting conservative investors seeking boring returns.
Back then, CDOs were packaged as AAA-rated, 5% yield, and linked to housing, considered very safe; today, STRC is packaged as a face value of $100, paying 11.5% annually, backed by Bitcoin assets.
The underlying assets are highly volatile instruments, but the product is packaged as a low-volatility income tool.
Of course, Bitcoin's underlying assets are much higher quality than subprime loans—Bitcoin has no default risk, only the risk of sharp price fluctuations.
Once Bitcoin's price drops significantly, the reflexivity of convexity will manifest.
Bitcoin price correction—MSTR's NAV decreases or even falls below $1—STRC secondary market price drops below $95—interest rate hikes increase cash flow pressure on the strategy—new STRC issuance capacity diminishes → marginal buying disappears.
The strategy is forced to consider selling Bitcoin to pay off debts—if this happens, it sends a nuclear-level signal to the market, and Bitcoin enters a forced sell spiral.
This may also be why Saylor mentioned in the earnings call that he would sell BTC to pay interest.
Wall Street really has nothing new.