Strategy (MSTR) fell to a fresh 52-week low as bitcoin slid to $62,000, pressured by a global risk-off move sparked by a 10% plunge in South Korea's Kospi. The macro contagion is compounding existing crypto headwinds, and MSTR's structure — a leveraged bitcoin proxy with $477M in revenue but -806% net margins and -$15.23 diluted EPS — means equity holders absorb amplified losses versus spot BTC on the way down.

The key tension is how far contagion spreads: if the Kospi shock is idiosyncratic, BTC and MSTR could stabilize quickly as macro fear subsides; if it signals broader EM stress or a global risk unwind, BTC at $62K is not necessarily a floor. Watch BTC's $60K level as the next structural support and any Saylor/Strategy treasury announcements that could serve as a circuit-breaker bid.