I think products like MSTR, MSTX, MSTY, etc.. all will amplify to the downside in the next bear market.

People (like me and a lot of Bitcoiners) have hodld through the last two bears.

The only ones who did it were people who held in cold storage. The people in Celsius, BlockFi etc.. generally got rekt.

These leveraged plays are different. mnavs can collapse. dividend yields can evaporate. forced selling can and will occur.

I thought that institutional adoption would strengthen ownership this time last year, because i expected mainly ETF adoption.

But we are back to the derivatives game.

Bigger upside. Bigger downside.