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Strategy is now sitting on ~-$2.1B unrealized P&L on its Bitcoin position as BTC trades below their ~$76,052 average cost basis. This is the real stress test: Not whether Bitcoin survives — whether MSTR equity absorbs the volatility. Reclaim cost basis → narrative flips fast. Stay below → premium compresses. 🧠⚠️ #Bitcoin #BTC #CryptoMarkets

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