When mNAV gets too hot, people take those #bitcoin profits and rotate into the spot ETFs (as we've seen happen over the past 48 hours) and the BTC/share is only marginally increasing (it was slightly higher than what it is today all the way back in April 2022 and has been relatively flat ever since). And Saylor's ability to increase BTC/share is dependent on mNAV remaining irrationally high...which will be harder and harder for it to do as #bitcoin gets higher and higher in valuation (and closer to the perceived top of the cycle).
#bitcoin