ChainCatcher Message, CryptoQuant CEO Ki Young Ju posted on X stating: "The Bitcoin holdings premium of MSTR has returned to the levels seen during the bull market of 2021.

Its premium peaked in mid-2021 but never fell below zero during the last bear market. During this period, the GBTC negative premium rate dropped to -48%, triggered by a crisis due to leverage unwinding.

Michael Saylor knows how to handle leverage. During the bear market of 2022, he kept MicroStrategy stable and effectively managed Bitcoin market risks."