Benchmark pushed back hard on comparing Strategy to Terra Luna over STRC. I get it. Luna collapsed in a death spiral. Strategy is a public company buying BTC with equity and debt. Different animal. But the market still asks the same thing: how much leverage can a BTC treasury story handle before investors treat the balance sheet like glass?

BTC is at $64,137 (+0.5% 24h). Fear & Greed sits at 20, Extreme Fear. Perp funding? Barely positive at 0.0056%. Nervous crowd, not a liquidation panic. When someone drops the Luna reference, watch the equity and the coin on their own. Contagion almost never copies the script.

#crypto $BTC #Bitcoin #AI #CryptoAI #MarketOutlook

Not financial advice.