MSTR out Performing BTC, Divergence when BTC ETFs Launched

I'm Bullish on BTC in general, hold it and other cryptos.
However the divergence in price action on MSTR vs BTC had a massive shift when the BTC ETFs hit the markets.

Makes me wonder if MSTR could be considered a Leveraged BTC long. like a 2x or 3x ETF
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