Polygon's co-founder Sandeep Nailwal just dropped a concerning take that's got people talking. He's genuinely worried that MSTR's current playbook might echo what happened with LUNA last cycle.

His point? If a publicly traded company this entangled with traditional finance and everyday investors hits a catastrophic unwinding, we're looking at consequences nobody wants to imagine. The death spiral scenario isn't just crypto folklore anymore when institutional money's this deep in the game.