🚨 MSTR BITCOIN HOLDINGS EXPOSED: HOW MUCH LOWER CAN $BTC GO?

⚠️ Analyzing MicroStrategy's cost basis reveals extreme sensitivity to price swings.

• MSTR aggressively scaled holdings until 2024, then spiked near 700K $BTC in 2025.

• Massive unrealized gains evaporated quickly when prices corrected, showing vulnerability.

• Current unrealized losses are near historical highs, BUT relative to $BTC's all-time high market cap, the pain isn't maxed out structurally.

👉 Expect further downside pressure as the market washes out valuation.

#MSTR #BTC #CryptoAnalysis #MarketStructure 📉

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