The analysis suggests Bitcoin may experience a 75% drop, providing a buying opportunity. Concern is raised about the two-times levered Microstrategy ETF, since it is creating a leveraged system due to the Microstrategy trading at a premium. The arbitrage trade might blow up. The price of Microstrategy will go down to 250. The analysis suggests focusing on put options to balance some of the market effects. The biggest fear is not the down 75% but a smaller drop where one misses a good opportunity.