$BTC is back above a fresh July high, but the real winners are MSTR, MARA, and IBIT.

Why?

Because they're high-beta Bitcoin plays. When Bitcoin moves, these proxies often move even faster.

The compression in MSTR's mNAV (~1.1x vs. 2x+ previously) suggests expectations have reset. If Bitcoin's trend strengthens, quality proxies could continue outperforming. If Bitcoin loses momentum, they'll likely feel the downside first.

Know what you own, not just what it's tracking! 🫳