This drop is still a liquidity crisis. MSTR is a typical high-beta asset: although it reduced interest through convertible bonds, it simultaneously raised funds by issuing more shares and borrowed heavily to buy BTC. As a result, its stock price is essentially an amplified version of Bitcoin. So when MSTR rises, it’s more aggressive than BTC, and when it falls, it’s even harsher. mNaV has dropped below 1, causing panic selling in the market. DAT institutions and retail investors are all leveraging up, and this bubble started showing signs back in January. Our Dragon Master predicted this long ago! Without narrative stacking and with the global liquidity crisis unresolved, it’s better to stay put for now. ❤️