Speaking of the most outrageous case of this BTC pullback, MicroStrategy must be named. BTC only dropped by 36%, yet the company's stock price evaporated by 70%—they really got carried away with the leverage, didn't they?

Every day, the interest expenses start at several million dollars, which is faster than burning money. What's even worse is that after the stock price has halved, the collateral needs to be replenished, and the cash flow is clearly tightening. At this rate, it's really a bit precarious.

But then again, if MicroStrategy really gets into trouble, would a giant like BlackRock just sit by and do nothing? Maybe they're just waiting to scoop up some bargains. After all, such a large BTC holding is like a ready-made pool of chips for institutions.

We retail investors shouldn't worry too much. If it really comes to that, there will naturally be big players to take over. Given the current market situation, rather than guessing the top or bottom, it's better to calmly observe when the market sentiment truly recovers. The trends of mainstream coins like SOL, XRP, and BNB often reflect the overall trend better than a single asset.