DAT stocks like MSTR and BMNR have dropped 70%-80% compared to their peak this year. When DAT stocks rise, it’s a positive flywheel; when they fall, it’s a death spiral (crypto declines combined with equity dilution). MicroStrategy, once seen as a 'Bitcoin leveraged ETF,' is now being abandoned by institutions in favor of more stable assets. Institutions like Vanguard, BlackRock, and Fidelity are all reducing their holdings, while JPMorgan warns that MSCI removal could trigger massive sell-offs, causing market panic and strong dissatisfaction within the US and European communities. For creditors, MicroStrategy is a high-quality collateral, but for shareholders in a bear market, it’s an endless Bitcoin perpetual leverage experiment with constant dilution.