According to Deep Tide TechFlow, on January 2, CoinDesk reported a significant cooling of bullish sentiment for MicroStrategy (MSTR), which serves as a leveraged investment target for Bitcoin. Data shows that MSTR's 250-day put-call skew has rebounded from -20% three weeks ago to zero, indicating a shift in market sentiment from extremely bullish to neutral. The stock price of MSTR has dropped 44% from its historical high of $589 set on November 21 to $289, with a market value evaporation of 34% in the past two weeks.
Markus Thielen, founder of 10x Research, pointed out that despite MicroStrategy holding 446,400 bitcoins (approximately $42.6 billion), its appeal as a leveraged investment tool for Bitcoin is waning. In December 2024, MSTR fell 25%, while Bitcoin only dropped 3% and stabilized above $90,000. Thielen stated that when investors can purchase Bitcoin directly at a lower cost, they are no longer willing to pay an implied price of $200,000 or higher per Bitcoin through MSTR.
