The stock price of MSTR is in an interesting situation. It’s known as a company that holds a large amount of Bitcoin, but according to the latest data, the market value of the BTC it holds has already surpassed the company’s total market capitalization. Putting it simply, MSTR’s market capitalization is around $64.9 billion, but the value of the Bitcoin it owns alone is calculated to be $65.32 billion. In other words, with mNav down to 0.993, it’s below 1. In practical terms, that means the business value of the company itself is being valued negatively. The company’s value is being determined purely by its BTC holdings. Since it’s rare for mNav to drop below 1, it’ll be interesting to see how the market responds. If the BTC price stays strong, more attention may be paid to movements around MSTR’s mNav.

I noticed that the active addresses for USDT and USDC on Ethereum have dropped quite a bit. According to Santiment data, the metric has hit the lowest levels since December—USDT with 202,000 daily active addresses and USDC at around 109,000. It’s kind of interesting because usually, when these stablecoins move, it means people are shifting money between volatile coins and “dry powder.” What stands out is that this is happening exactly as Ethereum and Bitcoin are recovering. People typically use USDC token and USDT when they want to get out of volatility, so less movement here suggests that traders are more confident in holding positions in riskier assets. If Bitcoin continues to rise, it’s likely that more money will start moving again—when volatility returns, there’s a greater need to have stablecoins on hand. For now, Ethereum is trading near $2,310, but down about 1% over the past 7 days. Meanwhile, the USDC token remains stable as expected for a stablecoin. These active address figures are often good indicators of what the market is really doing, so it’s worth keeping an eye on them.