According to @KobeissiLetter, the top 1% of U.S. households own 51% of equities and the top 10% own 87%, highlighting an accelerating concentration trend that affects market dynamics. According to the Federal Reserve’s Distributional Financial Accounts, ownership of corporate equities and mutual fund shares is overwhelmingly concentrated in the highest wealth percentiles, corroborating the structural skew in equity exposure. According to S&P Dow Jones Indices, periods of mega-cap leadership see the cap-weighted S&P 500 materially outperform the equal-weight version, increasing index-level sensitivity to flows in the largest names favored by wealthier cohorts. According to IMF research, BTC’s correlation with U.S. equities rose significantly after 2020, implying that equity de-risking by large holders can transmit pressure to BTC and ETH during risk-off episodes. According to @KobeissiLetter, traders should position accordingly as concentration trends evolve.

According to Michael Saylor, MSTR trades at a premium to its Bitcoin NAV due to four drivers—credit amplification, an options advantage, passive flows, and superior institutional access that equity and credit instruments provide over commodities; source: Michael Saylor on X, Aug 13, 2025. For traders, this implies the MSTR-BTC basis can diverge from spot BTC as equity options activity, credit dynamics, and index-linked passive buying impact price discovery beyond underlying Bitcoin holdings; source: Michael Saylor on X, Aug 13, 2025.

According to @saylor, MSTR trades at a premium to Bitcoin NAV because equity and credit instruments enable credit amplification, options advantages, passive flows, and superior institutional access versus commodities (source: @saylor, Twitter, Aug 13, 2025). According to @saylor, these structural factors are the stated drivers of the valuation differential between MSTR and spot Bitcoin exposure (source: @saylor, Twitter, Aug 13, 2025).