"On October 22, 2025, we suggested that Bitcoin was entering a bear market, a thesis we detailed during a mid-November CoinDesk interview broadcasted on December 2, 2025 (watch from minute 17:00), where we projected a decline toward $50,000."

"We identified Ethereum as the better short back in October, and that call has played out. Now $1,600 is the last line of defense. Below that level, the pain accelerates sharply, and in today’s report, we explain exactly where the next major support lies. "

"MicroStrategy holds 843,706 BTC against combined debt and preferred stock obligations of approximately $22.2 billion. That implies an equity (worth) zero level of roughly $26,000 per Bitcoin, the price at which the BTC reserve no longer covers liabilities, and equity holders are wiped out. "

"We run the numbers on what HYPE is actually worth, what it would take to get to $100, and why June 6 is a date every HYPE holder should have circled on their calendar. "