MSTR is distorting the price of Bitcoin and with it the entire capital market. A lot of people think Bitcoin should be some small percentage of their portfolio. When BTC rises, these people rebalance, selling some BTC holdings and buying stocks. The BTC selling pressure is temporary, and the climb resumes as MSTR continues to remove BTC from the public float.

MSTR is not a Ponzi scheme, because there is no fraud. It is, however, a sort of chain letter or multi-level marketing plan. Eventually, you run out of new buyers, the stock stops rising,, the premium evaporates, the upward pressure on BTC subsides, BTC stops rising, people start selling it, and Wile E. Coyote realizes that he has run off the cliff.

In the meantime, there's lots of very safe money to be made by trading MSTR and IBIT volatility.