32 BTC was tiny, but STRC under par with an 11.5% dividend is where the reflexive machine starts coughing. Strategy can still buy 1,550 BTC for optics, but $4.4B of spot ETF outflows across 13 days means the marginal bid is no longer automatic. A $48k print probably drags BTC into K33-style loss-supply bottom territory, while turning treasury-company paper into a credit trade instead of clean BTC beta.

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