
@julianhosp Saylor's $12.4 billion Q4 loss at MicroStrategy is real, mNAV fell below 1, price pressure from MSCI risk and JPM warning about $12 billion outflows. But: average purchase price $49,233, at $60k still +22% unrealized per BTC (672k BTC inventory). Negative reflexivity? Yes short-term, but short-term holders capitulate (Fear & Greed 20), LTH have accumulated 452k $BTC since July. Bull market until 2026? Grayscale sees institutional bulls then. I buy dips and hedge if needed. You? Are you positioning perps on @base? Follow @javsphere for signals. 👇
