What I’m curious about is that with MSTR’s recent run-up, there wasn’t a single spot big order to be seen—it's all being propped up by the derivatives side. In a setup like this, who chases is the one who’s dumb. In the entire observation window, no large orders ever came in; net inflows just gobbled up the remaining sell orders. The few points it moved up were all just sentiment and leverage burning, and spot holders didn’t see a single real dollar and cent. The derivatives side looks even more panicked: open interest surged by nearly 20% overnight, yet the aggressive buy volume is still nowhere near half. The bulls are adding leverage and piling onto the edge of the blade—this time, if it doesn’t cut you, then who will it cut?