Noticing that Strategy (MSTR) has been declining for the eighth consecutive month. Shares are trading around $141, which means a 75% drop from the November high. Interestingly, the company still has the ability to sell shares to buy Bitcoin, as its multiplier to net asset value is 1.09.

Compared to Bitcoin itself — which has fallen approximately 40% from its October high. Therefore, the performance gap between MSTR and BTC is about 35%. This indicates that this stack is not just following Bitcoin, but underperforming it. In early February, MSTR had already lost 7% and is clearly heading into its eighth negative month. The stack is the foundation of the company's entire strategy — Bitcoin reserves accumulated through share issuance.

If shares fall further and the mNAV drops below 1, the company will be forced to halt purchases. During the previous bear market in 2022, only $275 million was raised to buy about 10,000 BTC. Now, the situation is more complex.

Finally, XRP shows interesting activity — rising amid high trading volume. Integration of XRP into Rakuten’s payment app for 44 million users allows spending and earning tokens through the loyalty program. However, XRP still remains within a downtrend and has not yet confirmed a sustainable reversal upward.