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Don't remind me again today

New Mac in hand, hardware configuration pumped 💪, and the first thing I did was open Excel to study MicroStrategy's four "death" paths.



To be honest, this all-in Bitcoin listed company is no longer being discussed in the market as "can it rise?" but has evolved into a contest of "how will it end?" Some are calculating the leverage liquidation line, others are watching the convertible bond maturity date, and some are betting on when the regulatory hammer will fall...

The question arises: When everyone is speculating about extreme scenarios, where exactly are we in the cycle? Is it the tail end of panic spreading, or the eve of true risk accumulation?
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