Accepting a loss and exiting the market is like accepting the curtain call of life, always so cruel.

When it comes to institutional narratives around BTC, no one is talking about Grayscale anymore. This round, Grayscale has been mainly selling off, forming a stark contrast to the previous cycle. Remember the last cycle? During Grayscale’s frantic buying spree, the crypto community was discussing it every day until the premium completely flipped to a negative premium, and the market turned bearish.

Now, the spotlight has shifted to MicroStrategy. This company has only recently entered the public eye in this cycle (it actually existed in the last one, but was not very well known). But frankly, MicroStrategy’s operational model is essentially a distorted form of survival—because now there are legitimate spot ETFs, and there’s no need to go through middlemen like it.

Saylor is just a big gambler. As early as 1999, during the dot-com bubble, he was known as an aggressive speculator. Later, when the stock price dropped 99%, he bet on Bitcoin in 2020, playing the most exciting game—issuing bonds to buy coins.

If it were based on cash flow, profit, or revenue, it might be understandable, but he chose the most aggressive approach. Everyone knows how this story will end.

Institutional stories are often like this—each cycle repeats the same narrative, just with different protagonists.