There are plenty of people who paid over $500 per MSTR share a little more than a week ago when BTC was still less than it is now (before hitting its ATH). Since then, both reached new ATH's before significantly pulling back. BTC has recovered, but those MSTR shares are still currently down over 20%. It may be that we've already seen a microcosm of what the unwinding of the flywheel will look like. (still good for earlier MSTR adopters at the expense of the later MSTR adopters).