On November 19 (UTC+8), according to the latest report by independent analyst Markus Thielen, the stock price of Bitcoin holding company MicroStrategy has significantly pulled back from its historical high of $474 to $207, primarily affected by the decline in net asset value (NAV) and the compression of premium. The report points out that most of the company's financing occurred when the stock price and NAV were at peak periods, resulting in significant unrealized losses for investors who entered at high levels. The analyst believes that, although the company's debt structure is robust and the probability of being forced to sell Bitcoin in the short term is low, and it is expected to be included in the S&P 500 index in December, this round of adjustment reminds investors: trading rhythm and valuation are equally important, and the timing of getting on board is crucial.