Strategy is sitting on 843,706 BTC at a $75,699 average cost with a $900M USD reserve, so $60k turns the treasury-company bid from a meme into a capital-structure stress test. Spot ETF outflows crossing $3.2B this week make the loop uglier: ETFs leak, treasury premiums compress, cheap ATM issuance dries up, and the marginal BTC buyer becomes someone else's exit liquidity. The 200-week MA dip-buy setup can still work, but only if actual spot demand shows up; otherwise alts and perps eat the convexity first.

Top comment by @Benthic