为什么市场里有BTC现货、BTC ETF，还有人去买2倍溢价的MSTR股票，而MSTR还能一直维持2倍的无风险溢价？
目前看起来是狗庄们的沉没成本和PY局
ChatGPT对微策略溢价的回答是：某些机构不能买ETF只能买股票，MSTR提供了BTC的敞口，但我看了一下MSTR的主要股东： 

Twitter

Why are there BTC spot, BTC ETF in the market, and people still buy MSTR stocks at 2x premium, and MSTR can maintain a 2x risk-free premium?

Currently, it seems to be the sunk cost and network of the market makers

ChatGPT's response to the <MSTR> premium is: Some institutions can only buy stocks, not ETF, <MSTR> provides BTC exposure, but after checking <MSTR>'s major shareholders:

Boris Cherny, head of the Anthropic Claude Code, announced that starting in April 2026 [...]
The article, "Anthropic Subscribes to Claude Code and Bans OpenClaw Lobster! From Now On, Third-Party Tools Will Only Be Available with Paid Quotas," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Anthropic's subscription to Claude Code has banned OpenClaw! From now on, third-party tools will only be available with a paid subscription.

The most visible bitcoin buyers in the world are buying at near-record pace. It is not enough.
A CryptoQuant weekly report showed overall 30-day apparent demand at negative 63,000 $BTC as of late Marc...

Five data sources say the same thing about bitcoin market. It's thinning from the inside

I. It suddenly started charging money, but you probably didn't even notice.

You might have seen pages like these:

- "Probability of Trump winning the 2024 election: 51.3%"

- "Probability of the Fed cutting interest rates in March: 68.7%"

- "LPL Spring Split Finals, BLG's odds of winning: 1.39"

This isn't a betting website, nor is it media commentary; it's a special entity in the Web3 world—a prediction market.

Simply put, it's a mechanism where you "vote" with real money: you believe something will...

Polymarket, the world's largest prediction market, has started charging fees! Behind this lies a sobering struggle over regulation, survival, and timing.

补一个BTC市值/MSTR市值的Ratio走势 

Add a ratio trend of BTC market value / MSTR market value

花街空头 @RealJimChanos 正在多大饼，空MSTR，看这个泡沫什么什么破，毕竟MSTR背后是先锋这个狗庄 

@RealJimChanos is shorting MSTR and waiting to see if this bubble bursts. After all, MSTR is backed by the dog dealer Pioneer.

Jim Chanos的战绩如下：
1. Baldwin-United（1983年）
职业早期，Chanos发现保险公司Baldwin-United财务问题，推荐卖出。公司随后破产，股价大跌。此交易为他赢得声誉，具体回报未公开，但为其职业生涯奠基。
2. 安然（Enron，2001 年）

Jim Chanos's achievements are as follows:
1. Baldwin-United (1983)
Early in his career, Chanos discovered financial problems at the insurance company Baldwin-United and recommended selling it. The company subsequently went bankrupt and its stock price plummeted. This transaction earned him a reputation, and the specific returns were not disclosed, but it laid the foundation for his career.
2. Enron (2001)

总体来说，Chanos擅长发现财务造假（死罪），而不是纠正市场疯狂（无罪）
他打假都赚钱了，打疯反而都赔了钱
这一次如何呢

In general, Chanos is good at discovering financial fraud (capital crime) rather than correcting market madness (innocent)
He made money when he cracked down on fraud, but lost money when he cracked down on madness
How about this time?