Following yesterday’s sharp sell-off, Bitcoin is currently trading around $61,000 as market participants watch for further downside.
Strategy’s mNAV has fallen to 1.05, marking another ~7% drop from the previous day. Analysts warn that if mNAV breaks below 1.0, the fund could trigger a “death spiral” of forced BTC liquidations, exacerbating selling pressure.
Market sentiment has turned notably bearish toward Strategy, with many traders openly hoping for a swift bankruptcy. They believe this would remove a major leveraged overhang and allow BTC to clear lingering risks (“de-mine”) for a healthier recovery.
Investors are closely monitoring price action and fund metrics in the coming days for signs of stabilization or further contagion.
