Bitcoin facing a forced de-leveraging risk as Strategy (mNAV

The market is currently experiencing a transition toward heavy sell pressure driven by corporate restructuring rather than mere price action. Analyst conviction level or 'sentiment' is split due enough way that we see significant professional disagreement regarding whether this is a permanent trend reversal or a temporary shakeout.

Key Drivers

• Corporate Structure: MSTR (MicroStrategy/Strategy type models) has seen its mNAV slip below 1 (to 0.99), meaning printing new stock now dilutes bitcoin-per-share instead of stacking it. This caused large sales, including $216M in July and another sale on August 3st involving 1,638 BTC (~$104.7M at $63,957).
• On-chain movements: Wallets associated with Strategy transferred 1,030 BTC (~$66M) recently; historically such moves have preceded further selling cycles으로rwards even if they appear like simple transfers.
• Leverage Risk: On Hyperliquid, certain actors opened a 40x short on 1,600 BTC ($~102.5M) using USDC, creating immediate liquidation risks near higher levelsif the market pumps unexpectedly.

Market Divergence & Expert Sentiment

There is a clear way {divergent} view among professional groups:

1. Bearish Viewpoint: Some analysts expect ETH/BTC to continue dropping due to weak reaction or Nasdaq correlation failures, while others see an active downward trend from current lackl_of support (shorting any move back toward **$67k-$68k**).
2. Bullish Counterview: Other experts argue against shortening Bitcoin right now, suggesting it may act as a 'catch-up' asset that breaks above existing resistance towards liquidty zones at **$65k**, potentially targeting **$67k - $68k**.

   Expert Consensus

   The consensus suggests we are in a period of high risk where structural selling (due to mNAV

   Critical Levels

   • Resistance / Liquidation Zone: $64,891 — $67,000 — $68,000
   • Support / Entry Zone: $60,000 — $63,957 (previous sale price/support area or way backto par level lack_of support maybe... let us stick strictly to data): |-- |$60,000 — $61,000; [Note: mention check against current levels] }

! DYOR (Do Your Own Research)