MSTR库存：碰撞模式重复？ Schiff vs. Saylor

MSTR股票显示出崩溃模式，回荡了2021-2023趋势。彼得·希夫（Peter Schiff）在市场关注的问题中向迈克尔·塞勒（Michael Saylor）提供了比特币战略。

MSTR Stock: Crash Pattern Repeating? Schiff vs. Saylor

MSTR库存：碰撞模式重复？ Schiff vs. Saylor

Strategy (MSTR) stock's recent performance is raising eyebrows, with analysts pointing to a potential repeat of a 2021-2023 crash pattern. Is Michael Saylor's Bitcoin strategy about to face another test?

策略（MSTR）股票最近的表现正在引起人们的注意，分析师指出了2021-2023崩溃模式的潜在重复。迈克尔·塞勒（Michael Saylor）的比特币策略是否要面临另一个测试？

The Sideways Slide

侧向滑动

After peaking at $442 in July 2025, MSTR stock has been trading sideways, effectively erasing all of its gains for the year. As of September 26, the closing price was $309. This sideways movement is concerning because market analysts believe it mirrors a fractal pattern seen between 2021 and 2023—a pattern that preceded a significant 50% crash.

在2025年7月达到442美元的峰值之后，MSTR股票一直在侧面交易，实际上消除了一年中的所有收益。截至9月26日，收盘价为309美元。这种侧向运动令人担忧，因为市场分析师认为它反映了2021年至2023年之间的分形模式，这种模式发生在50％的崩溃之前。

Deja Vu? The 2021-2023 Fractal

离开vu？ 2021-2023分形

Crypto analyst Ali Martinez highlights a critical support level at $257. A break below this point could pave the way for a steep decline, potentially down to $120. The implication? Investors are getting nervous about MSTR's correlation with Bitcoin's price volatility.

加密分析师阿里·马丁内斯（Ali Martinez）重点介绍了257美元的关键支持水平。低于这一点的休息可能会为大幅下降铺平道路，可能会降至120美元。含义？投资者对MSTR与比特币价格波动的相关性感到紧张。

Premium Erosion and Institutional Fatigue

高级侵蚀和机构疲劳

MSTR stock has traditionally traded at a premium due to its substantial Bitcoin holdings. However, this premium has shrunk considerably in 2025, with the net asset value (NAV) compressing from 2x in January to 1.44x. While the Royal Bank of Canada increased its stake by 16% last quarter, broader market sentiment suggests investor fatigue, particularly with slowing Bitcoin purchases.

由于比特币持有的大量比特币持有，MST股票传统上以溢价交易。但是，这种溢价在2025年缩减了大幅缩小，净资产价值（NAV）从1月的2倍压缩到1.44倍。尽管加拿大皇家银行上个季度将其股份增加了16％，但更广泛的市场情绪表明投资者的疲劳，尤其是在购买比特币放缓的情况下。

The diminishing premium begs the question: why hold MSTR stock when you can directly invest in Bitcoin? It seems the unique appeal of MicroStrategy shares is waning.

溢价降低提出了一个问题：当您可以直接投资比特币时，为什么要持有MST股票？ MicroStrategy股票的独特吸引力似乎正在减弱。

Schiff's Gold vs. Saylor's Bitcoin

席夫的黄金与塞勒的比特币

Gold advocate Peter Schiff has been vocal about MicroStrategy's Bitcoin-heavy strategy. He argues that Saylor would have been better off investing in gold. While MicroStrategy shows a paper gain of 47% on its Bitcoin purchases, Schiff notes that a gold investment would have yielded a 30% gain.

黄金倡导者彼得·希夫（Peter Schiff）一直对MicroStrategy的比特币重型战略发声。他认为，塞勒会更好地投资黄金。尽管MicroStrategy的比特币购买显示纸质收益为47％，但Schiff指出，黄金投资将产生30％的收益。

Schiff's main argument revolves around liquidity. He claims MicroStrategy could liquidate its gold holdings ($61.5 billion) without disrupting the market. Selling $70 billion in Bitcoin, on the other hand, could trigger a price crash and mass liquidations.

席夫的主要论点围绕流动性。他声称，MicroStrategy可以在不破坏市场的情况下清算其黄金持有量（615亿美元）。另一方面，出售700亿美元的比特币可能会引发价格崩溃和大规模清算。

Saylor's Stance: Always Be Stacking

塞勒的立场：始终堆放

Despite the criticism, Michael Saylor remains committed to his Bitcoin strategy. In a recent tweet, he hinted at further Bitcoin purchases, reinforcing his unwavering belief in the digital asset. Whether that will calm investor nerves remains to be seen.

尽管受到批评，迈克尔·塞勒（Michael Saylor）仍然致力于他的比特币战略。在最近的一条推文中，他暗示了进一步的比特币购买，增强了他对数字资产的坚定信念。这是否会使投资者保持紧张感还有待观察。

The Bottom Line

底线

MSTR stock's future hangs in the balance. If Bitcoin takes another tumble, MSTR could face significant pressure. Keep an eye on that $257 support level—it could be the key to understanding where this stock is headed next. In the meantime, maybe diversify a little? Just a thought! After all, a little gold never hurt anyone, right?

MSTR股票的未来悬而未决。如果比特币再次滚滚，MSTR可能会面临巨大的压力。请密切关注257美元的支持水平，这可能是了解该股票下一步在哪里的关键。同时，也许会使一些多样化？只是一个想法！毕竟，一点黄金永远不会伤害任何人，对吗？