Confidence breaking may be an understatement.

I've been curious as to what happens to Bitcoin if the MSTR complex breaks. I think you could make a legit argument that he has been responsible for price appreciation over the last 3 years.

If MSTR breaks and price plummets, odds are the ETFs follow suit. I cannot see any reason why they wouldn't and that has been the massive buy pressure over the last 18 months as retail has been long gone.