As a quantitative analyst who tracks on-chain flows daily, I've watched U.S. firms like MicroStrategy and Circle turn crypto from speculative noise into balance-sheet calculus. Short-term rallies are real—but is this a fundamental re-rating, or just liquidity theater? My models show the long-term value remains an unsolved equation: not all buy-ins are creation; some are just leveraged narratives wearing the ghost of Wall Street optimism.