Some thoughts on the recent mini-crash. We’ve got a clear stack of bearish signals: - ETF outflows (~$2.97B over 10 straight sessions) - Mt. Gox movements - Fresh deleveraging/liquidations - Strategy’s 'small' BTC sale The 32 BTC sale is tiny in size but big in meaning: it dents the “never sell” story and hit sentiment in an already fragile market. Strategy holds ~843,706 $BTC (~4% of supply) at an average ~$75,699, implying a large unrealized loss at current prices. $MSTR has slid with BTC ($126.55 on June 3, ~-7% on the day) and remains a leveraged, volatile BTC proxy. STRC is a perpetual preferred aimed at BTC-linked yield/credit exposure with less direct BTC/MSTR volatility. It’s trading at a discount (~$94.65), so Strategy is keeping the dividend at 11.50%. $STRC proceeds have helped fund BTC buys. The recent sale slightly flips the playbook → Using a bit of BTC to help cover the preferred dividend instead of relying only on new financing. More BTC downside could pressure MSTR further and stress STRC’s “peg” dynamics. Imo, Crypto has lived through worse. But the mix of sustained outflows, rotation elsewhere, broken technicals, and narrative cracks makes the next few months tougher, with recovery likely needing better macro or a clear catalyst to reverse flows. I think If you’re not in the right headspace to be in the market, touch grass. Because when you’re back, it’s time to lock in: find good projects on discount, place some stink bids, and get back to business.