Interesting phenomenon: MSTR has acted as a "shock absorber" for Bitcoin in this market cycle. According to industry analysis, Strategy stocks have borne about 75% of the drawdown, so Bitcoin itself doesn't have to endure such severe declines. What is the reason behind this? Essentially, it's risk transfer — volatility shifts from spot Bitcoin to MSTR's common stock, effectively providing a cushion for Bitcoin's price fluctuations. Led by Michael Saylor, this company has become a key player in this cycle. When institutional investors hold large positions in MSTR, the stock's volatility naturally amplifies, but conversely, it also protects Bitcoin as the underlying asset from excessive shocks. This phenomenon is worth the attention of traders — at different stages of the Bitcoin cycle, MSTR's stock performance may serve as an important reference for gauging market sentiment.