Some folks say if you're into Bitcoin, then you should be all over this play. But here's the thing—loving Bitcoin doesn't mean swallowing every narrative that gets wrapped around it.

We're huge Bitcoin believers. Always have been. But that's exactly why we can't stand the hype merchants. Bitcoin was literally invented to cut through this kind of noise.

The numbers tell their own story. Year-to-date, the gap between Bitcoin's performance and $MSTR just hit 40%. That's not a small divergence anymore. When you see that kind of spread, you gotta ask yourself what you're really buying into—the asset itself or someone's leveraged bet on it?

Stay sharp out there.