Golden Finance reports that 10x Research stated on platform X that it has been emphasizing in recent weeks that MicroStrategy's valuation is too high. Investors are severely paying a premium for indirect exposure to Bitcoin, rather than as a true leveraged investment in Bitcoin. Despite significant Bitcoin acquisitions, the stock has performed poorly, indicating that investors are no longer willing to buy Bitcoin through MicroStrategy at an implied price of $200,000 (or higher) when it can be purchased directly at a lower price. Larry Fink of BlackRock and Michael Saylor of MicroStrategy have played a key role in shaping the narrative of this bull market, driving strong interest in Bitcoin. While some investors may not be able to purchase Bitcoin ETFs directly, many have turned to MicroStrategy as an alternative. However, as MicroStrategy's stock price has fallen 44% from its peak, and other companies have adopted Bitcoin as a treasury asset strategy on a smaller scale, the Bitcoin tailwind generated by this narrative seems to be waning. Combined with other factors, Bitcoin enters the new year with caution, and liquidity, trading volume, and stablecoin issuance momentum will play a key role in determining its direction.

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