Two bull runs, although they cannot be forced, are always remarkably similar.

Last round had Grayscale, this round has MicroStrategy.

Whether MicroStrategy becomes the biggest black swan in this round depends on whether the following four major issues can be successfully resolved; otherwise, MSTR will drag BTC down with it.

1️⃣ Funding breakdown: The sharp decline in stock prices has caused the "debt issuance to buy coins" flywheel to jam.

2️⃣ Debt squeeze: If the market is sideways + debt matures, Saylor may be forced to sell BTC to repay the debt, triggering a death spiral.

3️⃣ Killing Valuation: In front of spot ETFs, MSTR's high premium narrative is collapsing. The market is never short of money, but the lack of confidence in knowledge means that once confidence collapses, it is not impossible for MSTR to experience a "Davis Double Kill."

4️⃣ Institutional Strangulation: After entering the S&P 500, MSTR is no longer just a simple speculative stock and urgently needs to break the rules set by Wall Street.