I’m thinking of taking a break from Bitcoin for a while—MSTR is buying back its own shares. Strategy didn’t buy any Bitcoin this week. Instead, they repurchased $2.07M worth of STRC (~$205M equivalent). Lately, Strategy has been showing considerable caution when it comes to buying Bitcoin. They’re no longer making big, enthusiastic purchases like before—just nibbling in small amounts. MSCI has also announced it won’t include DAT in its indices. All of this suggests that the flywheel—once driven by selling STRC to buy Bitcoin—has somewhat collapsed. STRC is in a similar situation. As a result, it seems they’re shifting focus toward strengthening fundamentals, gradually moving toward share buybacks instead. Personally, you could call this a prudent focus on fundamentals— or, less kindly, “The flywheel broke, so let’s fix our own house first.” Even now, over a year after DATs emerged, I still don’t understand how this flywheel was ever supposed to work... #MSTR #DAT