The "MicroStrategy Copycat" trade has officially imploded. For months, the playbook was simple: Announce a $BTC treasury → Stock pumps → Raise cheap capital → Buy more $BTC. A perfect reflexive flywheel. But the mechanism broke. The sector became saturated with absolute junk – from Japanese nail salons to obscure Chinese cafes trying to arbitrage the narrative. We went from 70 to 200+ entities, and the premium has collapsed. Now, the flywheel is spinning in reverse: • Stocks are trading below the NAV of their Bitcoin holdings. • Capital raising is dead. • Weak companies are becoming forced sellers to service debt. This price action is mechanical clearing. We are watching the industrial-scale bankruptcy of the tourists. The big players are starving the small ones to monopolize the supply later.