Three Headwinds Making Summer Crypto Dangerous Right Now
Thompson’s bearish case rests on three overlapping pressures hitting simultaneously.
SpaceX, Anthropic, and OpenAI are collectively bringing more than $3 trillion in new IPO supply to market, competing directly with existing tech names for capital.
The Mag7 stocks that historically lead bull markets are lagging while the rest of the Nasdaq carries the index, a pattern Thompson describes as classic late-cycle behavior.
Meanwhile, STRC is approaching one of its worst drawdowns since launch, and Thompson expects Strategy to raise its dividend by 50 basis points rather than the usual 25, adding to its cash obligations.
