According to SoSoValue, the trading volume of MSTZ (inverse 2x short MSTR ETF) skyrocketed on November 21, approaching $1.53 billion in a single day, compared to the average daily trading volume of $84 million. Meanwhile, the well-known short-selling firm Citron Research publicly announced its short position on MSTR (MicroStrategy), stating on social media that with Bitcoin investments easier than ever (currently able to buy ETFs, COIN, and HOOD), MSTR's trading volume has completely detached from the fundamentals of BTC. 'Although Citron remains optimistic about Bitcoin, it has hedged by opening a short position on MSTR,' said a SoSoValue analyst. MSTR, as one of the compliant channels for outside capital to invest in cryptocurrencies, has achieved a very high premium, with its market value at a high point approximately 3.3 times the nominal value of the 331,200 Bitcoins it holds, exceeding 230% premium. Influenced by the news that U.S. SEC Chairman Gary Gensler will step down on January 20, 2025, subsequent regulations are expected to remain friendly, and investors will have more compliant channels to allocate in cryptocurrencies. MSTR's uniqueness will be broken, and being shorted at this time reflects the expectation of losing the 'uniqueness premium.' Meanwhile, crypto assets will attract more mainstream capital; if MSTR continues to decline, Bitcoin reaches new highs, the Meme sector stagnates, and PayFi continues to rise, it reflects that the fundamental factors of investing in the crypto market are becoming increasingly important.