QT Ends, Volatility Begins: Crypto Braces for a Heavy Data Week

Hello legends, how are you doing? The past ~72 hours were chaotic for crypto. Bitcoin kicked off December near 91k after the Thanksgiving break but quickly slid to around 86k in just a few hours.

The drop came alongside a clear shift in sentiment: U.S. stock futures were red on Sunday night, VIX jumped, and traders braced for a heavy macro week.

Crypto leverage reset hard. In 24 hours, 216,866 traders were liquidated, totaling roughly $638.76M, a sharp reminder that euphoria doesn’t last.

The mood for the week is obvious: less hype, more caution.

MicroStrategy’s stance: Bitcoin as “last-resort collateral”

MicroStrategy CEO Phong Le clarified their position on selling BTC. According to him, Bitcoin would only ever be sold if:

1. Modified NAV drops below 1
2. Funding becomes unsustainable or unavailable

 

He emphasized this is a doomsday-only scenario, not something they’re considering right now. With mNAV around 1.18 (based on BTC ~87.3k), they’re nowhere near that threshold.

This matters because MSTR is one of the biggest corporate BTC holders. Traders wanted clarity on whether falling prices could trigger forced selling. Based on current conditions, the answer is no—unless things get extremely ugly.

Stablecoins, risk, and regulatory pressure

Arthur Hayes vs

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