It seems everyone is still interested in MicroStrategy, the biggest “da tou” around—so let’s talk about MicroStrategy again.

This is a top-tier leveraged spiral storm disguised in the shell of a company; in the end, it will become a tombstone for the bulls.

MicroStrategy is no longer just a software company—it is a highly leveraged Bitcoin hedge fund.

Currently, MSTR’s market capitalization is far higher than the net asset value (NAV) of the Bitcoin it holds.

This means the “grass cutters” aren’t only buying Bitcoin—they’re also paying a high-priced premium for Saylor’s faith.

The logic is simple: all premiums are illusions created by capital when it’s in a frenzy.

When the market enters a downward continuation and panic spreads, this premium can instantly go to zero, or even turn into a discount.

At that time, the speed of the stock price selloff will be several times the Bitcoin drop.

Don’t forget the macro backdrop this week.

High interest rates staying elevated for longer, liquidity being drained, and tech stocks facing selling pressure.

MicroStrategy’s collapse will be the marker that ends this round of fake bull market for good.

How much “da tou” faith it has absorbed now, it will spit out that amount of bloody chips later.

Stay clear-headed. Don’t wait under the big tree for fruit when the tree falls.

If MicroStrategy were to truly face forced liquidation, at what level would Bitcoin’s “iron bottom” get smashed through? $BTC #微策略