Analyst: MSTR is the "buffer" for Bitcoin in this cycle, alleviating the pressure on Bitcoin's pullback

CoinDesk analyst James Van Straten stated, "In this cycle, Strategy (MSTR) has taken on about 75% of the drawdown, allowing Bitcoin itself to avoid a comparable decline, as the volatility has shifted from spot Bitcoin to MSTR common stock.

Meanwhile, Michael Saylor issued shares on a large scale at approximately 1x mNAV, acting as the last buyer, which has somewhat suppressed the formation of a bear market."