Are the wheels coming off, one by one? MicroStrategy's signal that it may sell Bitcoin, with only six months of cash remaining to cover dividend obligations, strongly suggests the company will no longer serve as a meaningful buyer. That removes one of the most visible and consistent demand drivers of the past several years.

So where should investors look now, and how has the technical picture shifted?

Below, we address both our short- and longer-term views, and show where returns are still being generated even as Bitcoin becomes a headwind. Our altcoin model portfolio is up 24% over the past seven weeks (here); our crypto equity picks have returned an average of +28% over the same period. (Our thematic cross-asset space stocks portfolio has also returned +35% since April 3, 2026.) Opportunity has not disappeared, but finding it requires more creativity and a willingness to look beyond the obvious.

MicroStrategy BTC acquisitions (LHS, $ billions) vs. NAV (RHS)