Why is this a 'Bitcoin Bull Market in US Stocks':

Bitcoin is heading towards $100,000, yet the cryptocurrency trading groups are surprisingly quiet. After Trump's election, everyone was expecting an influx of liquidity, but aside from the meme trading sentiment activated by Binance, all altcoins have been left far behind by BTC. Why? Why is it that when Bitcoin rises, altcoins fall, and when Bitcoin falls, altcoins still fall?

The answer may lie in the stock $MSTR.

MicroStrategy buying Bitcoin is no longer a novelty in the crypto community; it has become a BTC index in US stocks since the last cycle. However, this September, MSTR once again attracted the market's attention. This time it was because MSTR actually started early before the rise in Bitcoin prices and maintained a continuing premium in the subsequent market.

As a result, many people began to discuss 'why MSTR has a premium'. In fact, MicroStrategy quietly started a new buying strategy for cryptocurrencies in the latter half of last year, called 'premium issuance'.

In simple terms, MicroStrategy has previously raised funds to purchase BTC through bond issuance, which means that each share of MSTR represents a certain amount of BTC (also the reason it is seen as the BTC index in US stocks). However, the 'premium issuance' model is simpler, more straightforward, and has immediate effects: when the price of Bitcoin rises and the company's market value increases, MSTR's exchange rate with Bitcoin will create a premium. At this point, the company issues more MSTR stocks to buy more Bitcoin than the amount corresponding to the stocks at a premium, thus further increasing the BTC corresponding to each MSTR share, which implies that the company's market value and the value of MSTR will also rise, and then this cycle continues, creating a perpetual motion. In summary: the more MSTR is issued, the more valuable it becomes.

What does this have to do with the Bitcoin bull market? Apart from the fact that MicroStrategy accounts for 5% of total circulation, it seems that US stocks are currently experiencing a paradigm shift. MicroStrategy CEO Michael Saylor has been emphasizing this year that there will be more and more MSTR in US stocks, claiming that his model is an 'infinite money glitch'. At first, many people did not take it seriously, but recently, when big US companies like Microsoft also began to explore 'Bitcoin finance', you can feel that the wheels of fate are beginning to turn.

In other words, if Saylor's vision continues to become a reality, more and more US companies will adopt 'premium issuance' Bitcoin finance, and the price of Bitcoin will further bind to US stocks. This massive liquidity will be entirely supported by BTC, with little connection to other altcoins (this is also one of the reasons why the inflow into Bitcoin ETFs has surged recently, while Ethereum ETFs have remained unaffected).

It is foreseeable that if the crypto industry stops innovating its narrative and practical capabilities, Bitcoin will drift further away from Crypto. In this larger context, the bull market is left with only two betas: one is Bitcoin, and the other is Solana, which absorbs liquidity within the circle.

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