One-day $1 billion! Absolutely insane!!! STRC, the financial Lego that lets MicroStrategy leverage up to buy BTC, raised $1 billion in a single day, with TVL surging nearly 30%. This is essentially a Bitcoin leverage loop: Retail/institutions buy STRC (a yield certificate) → Strategy gets the money to buy BTC and MSTR stock → BTC rises, driving MSTR up → MSTR takes advantage of high stock prices to conduct ATM (At-The-Market) offerings to raise more money → Buys more BTC… @AdamBLiv did the math: yesterday’s wave of operations theoretically corresponds to buying over 4,300 BTC. Keep in mind, this is just the fundraising volume of one product in a single day. Here’s the question: Doesn’t this logic resemble traditional companies issuing bonds to buy back stock and boost EPS (Earnings Per Share)? It’s eerily similar. But what MSTR is playing is “issuing stock (and derivatives) to buy Bitcoin,” boosting the BTC per share ratio instead. But how long can this loop keep spinning? The key lies in two thresholds: BTC price growth rate vs. dilution rate. If the fundraising and buying speed can’t keep up with the dilution speed, the BTC per share ratio will drop. Market risk appetite—once BTC enters a deep correction or sideways movement, the fragility of this high-leverage structure will be exposed. One-day $1 billion flowing into BTC—do you think this is primarily macro funds hedging against inflation, or purely driven by the Bitcoin perpetual motion machine narrative? #Bitcoin #MicroStrategy #DeFi