In short, the market knows that if BTC drops to 75,000 before December 19, it will raise doubts about MSTR's business model. But I think the reason for suppressing BTC's price lies in the fact that at the beginning of the year, a large number of institutions were going long on BTC and shorting MSTR to arbitrage (mainly targeting the high mNAV premium). This is similar to the situation before Eigenlayer issued tokens, where a large amount of ETH was in a hedging phase (if you're interested, you can check out my tweets from March-April 2024 about ETH Skew).