SBET's recent plunge feels a bit familiar:

Another round of private placement -> panic -> plummeting, every cycle feels like a copy and paste. It was supposed to be ETH micro-strategy, but it increasingly looks like a financing scam.

Those institutions that bought at low prices, why would they care if you want to buy ETH? The market price is over thirty, and they sell it to them for ten after a discount, they are immediately eyeing the unblocking to run away...

To be honest, this kind of play isn't suitable for retail investors. Watching Ethereum rise, but the micro-strategy stocks I bought are lying on the floor.

Better to honestly buy ETH itself. $ETH