If Strategy holds its 650K BTC this cycle (or sells only a little), we would not see another -65% drawdown like in 2022. We are about -25% from ATH now, and even if a bear cycle comes, the downside would likely be smaller and look more like a broad sideways range. Long-term holders should avoid panic selling. Bitcoin has more liquidity channels now, so the long-term outlook is obviously strong, imo.(Ki Young Ju)