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Last week, BTC, after a continued downtrend, found support and consolidated near lows on November 19–20, forming a short-term bottoming pattern. ETH stabilized around lows on November 19 following its prolonged weakness. BCH surged over 14.21%, emerging as the standout token. Arbitrum led the pack with strong performance. Robinhood is developing it as a core platform for tokenized securities, creating a real trading loop. Amid the crypto market pullback, the DAT sector experienced significant valuation contraction, with its total market cap dipping below $1 trillion. The industry has entered a cycle of active and passive deleveraging.

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This article offers a comprehensive analysis of the challenges MicroStrategy faces during Bitcoin's downturn, including the rapid narrowing of its mNAV premium, the stock trading at a negative premium, executive share sell-offs, the risk of being removed from market indexes, and reduced capacity to increase Bitcoin holdings. It also examines key market debates—such as whether the company's debt risk is overstated, if forced Bitcoin sales are likely, the safety of its convertible bond structures, and the implications of its latest financing strategy (perpetual preferred stock) for its liquidity. Drawing on multiple perspectives, the article presents a well-rounded view: while market confidence is under strain, MicroStrategy’s debt burden remains manageable, institutional investors continue to add to their positions, and the possibility of S&P 500 inclusion still exists.