Mursleen sagar

The price of Bitcoin and MSTR (MicroStrategy) shares has formed a highly convergent leveraged proxy relationship. MSTR is no longer essentially a software company, but rather a 'Bitcoin leveraged ETF': its beta value reaches 1.77, showing greater elasticity when the coin price rises, and significantly magnified declines when it falls.
The latest holdings show that MSTR holds over 714,000 bitcoins, with an average cost of about $76,056. As the price of Bitcoin fell to $69,000, the unrealized losses expanded to between $4.8 billion and $6.5 billion, and MSTR's stock price has plummeted nearly 80% from its peak.
In terms of market capitalization, the key indicator is the premium rate (mNAV). When the premium is above 1, the company can issue shares at low prices to finance and buy coins at high prices to create a positive feedback loop; however, the current premium has compressed to 1.09 and even briefly fell below 1, resulting in stagnant financing and interrupting the traditional 'issue shares to buy coins' cycle. Market focus has shifted from 'whether to sell coins' to 'whether to refinance at low cost', which will determine whether this highly leveraged model can survive a bear market.

State Street Bank strategist Lee Ferridge stated in an interview during the Miami TradeTech FX conference that once the next Federal Reserve chairman takes office, the magnitude of interest rate cuts may exceed market expectations, with a third cut possibly occurring in 2026, and the dollar may fall by 10% this year.
The current market generally expects that the Federal Reserve will restart interest rate cuts around June 2026, completing at least two cuts of 25 basis points each by the end of the year. However, Lee Ferridge believes that the new Federal Reserve chairman will face pressure for rate cuts from U.S. President Trump, so there is room for a third rate cut. He pointed out that "three rate cuts are possible, two rate cuts are a reasonable baseline scenario, but we must acknowledge that Federal Reserve policy is entering a more uncertain phase."

“Success at once”——this four-character idiom resonates like the sound of hooves, echoing through a millennium in every moment of a Chinese person's life. It originates from ancient battlefields, where soldiers regarded fine horses as an omen of victory; later, it generalized into a wish for swift success in careers. Within the concise characters, it reflects a nation's enduring pursuit of efficiency, courage, and victory.

This “horse” is, in fact, a vivid metaphor for the spirit of China. It dismisses empty talk and upholds the pragmatism of “speed is of the essence”; it breaks free from hesitation and embodies the boldness of “a leap of a thousand miles.” Whether it is the initial steps of entrepreneurship in the business world or the determined writing of students in exams, a blessing of “success at once” projects the agricultural civilization's reverence for diligence and the ancient wisdom's profound understanding of “timing.” This fine horse never neighs in empty fantasies but gallops continuously in the fields of practical work.