Although I am optimistic in the long run, I personally believe that the logic of safe haven assets in the big pie is difficult to establish at this stage, and it may be more chaotic to first fall and then be discovered to be useful. Because for the main institutions currently held (ETF buyers), the logic of Da Bing being the first batch of risky assets that will be sold during Cash Raising remains unchanged. Except for MSTR, which has been buying all along, time is not on MSTR's side (the more it falls, the more NAV closes, and the more difficult it is to issue bonds).