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MicroStrategy is sucking most of the air out of the room right now. But there are even bigger forces at play.

As debate rages over whether Saylor is a once-in-a-lifetime financial genius or just another overleveraged trader, stablecoins are bringing even more liquidity to crypto.

At least, that’s in terms of raw dollar value being pumped into the space right now. 

MSTR has now spent $17.5 billion on bitcoin in the past two months alone, as shown by the orange areas on the chart below. Most of that cash has come from buyers of its infamous zero-percent convertible…

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