Stephan j

If you still believe $BTC trades purely on supply and demand, read this carefully.
Because that market doesn’t exist anymore.
What you’re watching isn’t normal price action.
It’s not weak hands.
It’s not sentiment.
And it’s definitely not retail panic.
Most people have no idea what’s actually happening.
And by the time it becomes obvious, the damage is already done.
This didn’t start today.
It’s been quietly building for months.
Now it’s accelerating.
Here’s the uncomfortable truth:
The moment supply can be synthetically created, scarcity disappears.
And once scarcity is gone, price stops being discovered on-chain
and starts being set in derivatives.
That’s exactly what happened to Bitcoin.
The same structural shift already happened to: – Gold
– Silver
– Oil
– Equities
The moment derivatives took control.
Bitcoin’s original thesis was built on two pillars: – A hard cap of 21 million
– No rehypothecation
That framework broke the moment Wall Street layered this on top: – Cash-settled futures
– Perpetual swaps
– Options
– ETFs
– Prime broker lending
– Wrapped BTC
– Total return swaps
From that point forward, Bitcoin supply became theoretically infinite.
Not on-chain.
But in price discovery — which is what actually matters.
This is where everything clicks.
Synthetic Float Ratio (SFR).
When synthetic supply overwhelms real supply, price no longer reacts to demand.
It reacts to positioning, hedging, and liquidation flows.
Wall Street isn’t guessing direction.
They’re doing what they’ve done in every derivatives-dominated market:
Manufacture paper BTC
Short into rallies
Force liquidations
Cover lower
Repeat
This isn’t speculation.
It’s inventory manufacturing.
One real BTC can now simultaneously back: – An ETF share
– A futures contract
– A perpetual swap
– An options delta
– A broker loan
– A structured note
All at the same time.
That’s six claims on one coin.
This isn’t a free market.
It’s a fractional-reserve price system wearing a Bitcoin mask.
Ignore it if you want.
Just don’t say you weren’t warned.
I’ve been calling Bitcoin tops and bottoms for over a decade.
I’ll be doing it again in 2026.
Follow and turn on notifications — before this becomes obvious to everyone else.
$BULLA $ETH

#RiskAssetsMarketShock #MarketCorrection #WhenWillBTCRebound #WarshFedPolicyOutlook

Michael Saylor spent over $50 BILLION over 5 years buying $BTC , and he’s now underwater.

Most people think it's IMPOSSIBLE.

Because Saylor has a lot of liquidity to stabilize his position.

But recent market crashes and events around $BTC lead to one HUGE problem.

STRATEGY IS ABOUT TO COLLAPSE.

If you are holding any CRYPTO, you CAN'T MISS this post.

First of all, it didn’t start as some extreme Bitcoin vehicle.

As a matter of fact, 10 years ago, Saylor said Bitcoin would go to zero and be gone by now.

But he slowly turned into a Bitcoin accumulation machine, and his setup looks EXTREMELY dangerous.

The strategy was simple:

1: Get money from investors
2: Buy more BITCOIN
3: BTC pumps and stock pumps as it's leveraged
4: Saylor raises more money
5: Repeats the whole scheme

Buy more BTC -> BTC goes up -> Investors sitting in profit -> Repeat

Saylor has done this HUNDREDS of times through large convertible note deals.

This loop works great when prices are going up.

But now Bitcoin dumped to $76K, below Strategy's average.

The worst thing is that MSTR stopped trading at a large premium, and things changed quickly:

– Issuing shares became painful dilution
– Convertible buyers demand better terms
– Investors afraid of crypto volatility and recent CRASH
– Every “Strategy buys more BTC” starts getting sold

Now Saylor may be FORCED to sell his Bitcoin.

We have THREE scenarios when it can happen:

FIRST SCENARIO

The market valuation of the entire company becomes less than the value of its Bitcoin treasury.

In this scenario, Strategy sells a stake in “$1 of Bitcoin” for 95 cents. Uses that cash to buy Bitcoin at market price. And destroys the Bitcoin yield per share.

SECOND SCENARIO

Access to capital disappears.

Saylor can’t raise money via debt or new issuance on acceptable terms because investors are afraid. Capital markets are either closed or too expensive.

THIRD SCENARIO

Massive preferred dividends need to be paid.

While mNAV > 1 and the market happily provides capital, dividends are effectively covered by the NAV premium arbitrage.

If the premium vanishes and capital access tightens, the whole structure starts to creak.

Then selling some BTC becomes mathematically justified. According to Le, in such a scenario, selling Bitcoin is seen as a way to protect Bitcoin yield per share and service obligations.

So they have NO GOOD scenario right now.

And Michael Saylor knows it.

In the early 2000s, MicroStrategy collapsed after aggressive accounting and leverage during the dot-com bubble.

The stock fell over 90%, and Saylor personally lost BILLIONS of dollars. This isn’t his first rodeo.

A single public company turned itself into a GIANT LEVERAGE around Bitcoin. And now this company is about to collapse.

The worst thing? They will DUMP 700K of $BTC on this collapse.

But don't worry, I have been in the market for over 10 years now and predicted every massive CRASH.

Follow me and turn NOTIFICATIONS ON and I will tell you when I exit the market before it's too late.

Many people regret not following me earlier
$BTC #TrumpProCrypto #StrategyBTCPurchase #USCryptoMarketStructureBill #MarketCorrection