There's no need to be too pessimistic about MicroStrategy selling coins. The market may not be able to absorb the selling pressure, but if MicroStrategy and ETFs really sell together, sell endlessly, and sell mindlessly, that's not realistic. At most, it would trap the current funds in the market; if they keep dumping endlessly, no new funds will come in to catch the falling knife unless they are idiots.

For retail investors, the worst case is just to stop playing crypto, accept the loss, close all positions with one click, and switch to another market...

But for these ETF institutions, MicroStrategy, and Grayscale, they would completely trap themselves. The market will only buy spot for upside expectations; no one buys spot for downside expectations. If they don't push up the price, they can't reduce their holdings. If they sell at low prices without considering the price, dumping 100k BTC in a short time could crash Bitcoin below $10k, turning losses into astronomical figures. Institutions are not idiots.

So you see, crypto is now a meat grinder market, a market of raising gu (poisonous insects). There are no idiots in the market; they are all smart people...

This is why it's become so hard to play — there's no dumb money left in the market...