It's been 36 hours since the crypto market watched almost $20 billion get wiped out in liquidations. SUI collapsed 80%, XRP lost 53% from its recent highs, and Solana's price on Binance futures printed $141 while spot still traded at $168 — the perfect picture of how books break when cascading sales hit.

American businessman and one of the biggest Bitcoin holders in the world Michael Saylor did not react to the collapse with another orange dot on his famous chart, which means no new Bitcoin purchase for his Strategy was made last week.

Don’t Stop ₿elievin’ pic.twitter.com/LUMroqLSCl

But, he dropped a screenshot with four words: "Don’t Stop ₿elievin." The current stack of Strategy is 640,031 BTC, valued at $71.71 billion with an average entry price of $73,983. These numbers make Saylor & Co. unrealized profit close to 51.44%, or $24.35 billion.

$6.4 billion lost

Now look at what was lost. When Bitcoin traded near $122,000 earlier this month, that same stack was worth around $78.1 billion. At current prices near $112,000, the book is down about $6.4 billion in paper gains in just a few days. Not a realized loss, but a brutal cut from the top.

On the stock side, MSTR trades with a basic market cap of $87 billion, $97 billion on dilution, the enterprise value is $101 billion. More than 66% of that comes directly from Bitcoin.

The stance is clear. The market bled $20 billion in a day, Saylor and Strategy lost $6.4 billion on paper, but he still sits $24 billion ahead and tells everyone not to stop believing in Bitcoin.

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