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STOP WATCHING THE BUY. WATCH THE SPREAD.
The whole “Saylor dump” thing is funny now.
Doesn’t matter if MicroStrategy buys $10M or $1B in BTC anymore.
The market front-runs it before the 8-K even drops.
By the time the tweet hits, the move is already done.
That’s why price reactions feel weak.
Not because the buy doesn’t matter.
But because everyone expects it.
Here’s the real game ⤵️
The alpha is no longer the Bitcoin purchase.
The alpha is whether MSTR keeps trading at a premium to its BTC NAV.
If that premium holds, demand is still there.
If it compresses, the leverage trade is crowded.
Stop staring at the announcement.
Start watching the structure.
BTC is the asset.
MSTR is the sentiment gauge.
✍️ Conclusion:
Tweets move vibes.
NAV spreads move markets.