@dmredacted
The "MicroStrategy Copycat" trade has officially imploded.
For months, the playbook was simple: Announce a $BTC treasury → Stock pumps → Raise cheap capital → Buy more $BTC. A perfect reflexive flywheel.
But the mechanism broke.
The sector became saturated with absolute junk – from Japanese nail salons to obscure Chinese cafes trying to arbitrage the narrative. We went from 70 to 200+ entities, and the premium has collapsed.
Now, the flywheel is spinning in reverse:
• Stocks are trading below the NAV of their Bitcoin holdings.
• Capital raising is dead.
• Weak companies are becoming forced sellers to service debt.
This price action is mechanical clearing.
We are watching the industrial-scale bankruptcy of the tourists. The big players are starving the small ones to monopolize the supply later.
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