Based on the distribution chart of MicroStrategy's holding costs, how much more does $BTC need to fall?

The following chart combines two aspects of MicroStrategy (MSTR) from 2021 to 2026: one is how much Bitcoin is held, and the other is whether these coins are currently in profit or loss on paper. The gray line represents the amount of Bitcoin held, and the red line indicates unrealized gains or losses.
First, let's look at the holdings. From 2021 to 2024, MicroStrategy mainly increased its position gradually, climbing step by step; the real change occurred in 2025, when the holdings suddenly expanded, reaching nearly 700,000 coins, clearly indicating the start of aggressive accumulation that year.
Next, the gains and losses. In the early years, the red line mostly fluctuated around zero, with little profit or deep loss. By 2025, as the position surged and Bitcoin's price soared, unrealized gains on paper approached $30 billion. But there's a problem—due to the large position size, it was extremely sensitive to price fluctuations. When the price later declined, the unrealized gains were quickly wiped out.
By early 2026, the red line experienced a sharp drop, almost returning to breakeven. This isn't a failed operation but a typical result of a large position being "marked down" by market volatility.
The key point at the end: while the unrealized losses on the chart are indeed among the highest in history, considering that Bitcoin's total market cap also hit a record high, the proportion isn't particularly exaggerated. In other words, from a structural perspective, this "on-paper pain" hasn't reached its limit, and I personally lean toward the idea that there is still room for it to continue downward. #我在Gate广场过新年