MicroStrategy's Bitcoin strategy stopped being revolutionary three years ago. Now it's just quarterly financial engineering that moves retail sentiment while institutional flows barely register.
The predictable volatility pattern tells you everything: speculative positioning ahead of corporate announcements, options flow amplifying moves, then mean reversion as reality sets in.
What's actually interesting is how this corporate Bitcoin adoption narrative has evolved. Saylor pioneered using public company balance sheets as Bitcoin ETFs before Bitcoin ETFs existed.
Now with spot ETFs trading, his treasury moves matter less for price action and more for corporate governance precedents.
The volatility isn't from his buying power. It's from traders who still think individual corporate treasury decisions drive a market with $20 billion daily volume.
Real institutional Bitcoin adoption happens quietly through ETF flows and private wealth allocation. The theatrical announcements are just noise for retail positioning.
Smart money stopped trading Saylor headlines months ago
