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This week's liquidation level is the same as the week of 1010.
If you feel there hasn't been any decent rebound, it might be because MSTR sold off a whole week’s worth of BTC (they hinted at this), and the massive sell-off suppressed all rebounds.
If next week we hear that MSTR has sold $1-2 billion worth of BTC, it will quickly turn into a huge positive, because it will supplement STRC's dividends and then convert into an additional $10-40 billion in BTC buying funds.
I think MSTR is using some tricks here.