Bitcoin has a Saylor problem, and Saylor has a problem with his own ponzi, which turns into a reverse ponzi the second bitcoin goes down. He's a victim of his own machine, the one he built for good days only.

For him to actually get cleaned out or busted, yeah, a lot still has to happen, but it's not impossible
anymore.
Right now he's diluting MSTR holders to buy bitcoin, or just to keep reserves to pay the dividend. He did it Monday and the market took it badly.
Yesterday's TWAP sell tells you there's a big mechanical seller out there, someone who either wants out before Saylor does, or just wants to watch him sweat. Add the ETF outflows on top.
Holding bitcoin stopped being attractive right here, when everywhere else you can park your capital more
safely, without MSTR and its ponzi hanging over your head.