The reason I think we are still far away from the peak of the "Bitcoin for Corporations" bubble is that the mechanisms involved are very different from your average altcoin euphoria cycle.

The companies that are following the Saylor playbook seriously are operating on long timeframes and they won't sell just because BTC goes down.

Think about MSTR, even in the very worst case scenario, they definitely would not sell any BTC before at least 2028.

If a company starts adopting the BTC treasury strategy, and its stock goes to 1x mNAV or less, it becomes a screaming buy as long as BTC is doing decently well. And once a stock trades above 1x mNAV, they can add BTC to their balance sheet in an accretive way.

What's more, BTC is currently not over-heated, it's been growing consistently since 2023 and spends a few months consolidating after each uptrend. I don't see a reason for it to have a huge drawdown, so I don't see a reason for these BTC corporations to get in danger soon.

Each BTC that is bought by these companies is out of the market, and not supposed to be sold "once the top happened" like your average altcoin.

MSTR is just starting to spread into the massive fixed income market, and people still haven't figured out how valuable their preferred stocks are.

Can we have -15% drawdowns at any point in time ? Of course. But we are going much, much higher.