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

The answer may lie in the stock $MSTR.

MicroStrategy buying Bitcoin is not a new thing in the crypto circle; it has become the BTC index in U.S. stocks since the last cycle. However, in September this year, MSTR once again attracted market attention. This time it was because MSTR actually started ahead of the rise in Bitcoin prices and maintained a continuous premium against Bitcoin 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 coins in the second half of last year, called 'premium issuance.'

In simple terms, MicroStrategy had previously raised funds to purchase BTC primarily through bond issuance, meaning that each share of MSTR represented a certain amount of BTC (which is also the reason it is regarded as the BTC index in U.S. stocks). However, the 'premium issuance' model is much simpler and more direct: when Bitcoin prices rise and the company's market value increases, MSTR's exchange rate against Bitcoin will generate a premium. At this point, the company issues more MSTR shares to buy Bitcoin at a premium, acquiring more Bitcoin than the corresponding amount of shares, thus increasing the BTC represented by each MSTR share, which also means that the company's market value and MSTR's value will rise, then repeat in a cycle. 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 the total circulation, it seems that U.S. 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 U.S. stocks, claiming that his model is an 'infinite money glitch.' Initially, many people did not take this seriously, but recently, when giants like Microsoft began to discuss 'Bitcoin finance,' you can feel that the wheels of fate have started to turn.

In other words, if Saylor's vision continues to become reality, more and more U.S. companies will adopt 'premium issuance' Bitcoin finance, and Bitcoin prices will further bind to U.S. stocks. This huge liquidity will be entirely absorbed by BTC, with no relation to other altcoins (which is also one of the reasons for the recent surge in Bitcoin ETF inflows, while Ethereum ETF remains unaffected).

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