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🚨 Bitwise CIO Matt Hougan says Strategy is no longer just a one-way Bitcoin buyer.
He argues the company’s new capital framework gives it flexibility to monetize BTC when needed, while recent STRC volatility and the MSTR pullback look more like end-of-cycle deleveraging than a structural breakdown.
📉 Hougan compares the move to the GBTC premium unwind, suggesting excess leverage is being flushed out of the crypto market.