Ki Young Ju, CryptoQuant's chief executive, said in an X post: "MSTR's bitcoin position premium has returned to the levels seen during the 2021 bull market. The premium peaked in mid-2021 but never fell below zero during the last bear market. During this period, the GBTC negative premium rate fell to -48%, triggering a crisis as leverage was unwound. Michael Saylor knows how to handle leverage. He kept MicroStrategy stable and effectively managed bitcoin market risk during the 2022 bear market."