Crypto Winter, just in time.

This is an existential crisis for the space.

“The volatility comes with the territory.” —Michael Saylor, 2 days ago

With Bitcoin down 30% and ETH down 40% in the same period — FinTwit is blowing up with Crypto-related tweets, and Crypto bois are getting worried..

Meanwhile, Saylor’s MSTR is down a whopping ~60% since mid July…

And in typical Saylor fashion, he went on CNBC talking about how bullish they are on BTC and how much they are buying.

As we’ve said during 2025 — Saylor (i.e. MSTR) is the only buyer left for BTC.

Everyone is following them in the market trying to make a buck off their back — there is no natural buyer of BTC here, especially now that the ETFs are exhausted.

Note: they did this to themselves.

There are indications that long-term holders are selling and retreating from the space — and I have personally spoken to a number of them that have echoed similar sentiments.

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Almost a year ago, in December ‘24 we published Dump Your Crypto 2.0 — again calling the top in Crypto after the success of Dump Your Crypto of October ‘21..

Notice the cover art on this piece — that’s the Superman of BTC, Michael Saylor, and his greatest weakness is Cryptonite… It’s a long-form piece focusing on the current cycle, the dynamics around it and gets technical with MSTR’s financial engineering.

It ends off by listing the ways in which Saylor could perish (Saylor’s Cryptonite)

11 months later and with MSTR down >50% since then, the market has started to catch up to the setup. (But clearly a year after us!)

Leaving this tweet here for now.

I will explain why this is interesting.

Now let’s analyse notable events since our last piece and consider where the space is going.

We will reason using a holistic view and taking into consideration the Trump 2.0 pump, the Store of Value narrative, the ETF flows dynamic and the Forces of Crypto Treasury Companies.