When $BTC surged during the U.S. stock ETF phase, it was in the $39,000-$47,000 range. ETF funds kept flowing in, pushing it all the way to $69,000. After that, intermittent rate cuts brought some positive news, and the ups and downs eventually drove it to over $120,000. People who started dollar-cost averaging into $BTC ETFs at $40,000 have seen it go from $120,000 back down to $60,000. So, are they making money now? $MSTR started dollar-cost averaging into $BTC at $20,000. Now it’s at $60,000, and $MSTR is already losing money. Dollar-cost averaging requires timing. Even with $QQQ, avoiding investments during high valuation periods is the smart move. About $CRCL: Why do I keep emphasizing dollar-cost averaging between $10B-$20B? $20B corresponds to a stock price of around $80. Buying at this level avoids major losses. $MSTR’s $BTC cost breakdown: Total holdings: 847,363 Bitcoins Total principal invested: $6.41 billion Weighted average cost per Bitcoin: $75,651/BTC