🐋 WHALE WATCH: Grayscales Zach Pandl makes a vital point on the MSTR capital structure shift. Moving toward a model where they sell BTC as needed for USD reserves isnt just selling its strategic risk management. By offloading the forced seller tail risk they effectively remove the biggest fear institutional investors had about their balance sheet. This creates the stability needed for Bitcoin to carve out a more durable long term floor. Bullish on mature treasury management.(Whale Factor)