📉 **MicroStrategy's Bitcoin Bet Loses Steam**

- Traders are showing caution with MicroStrategy (MSTR), a Nasdaq-listed company known for its significant bitcoin holdings.

- The put-call skew for MSTR has shifted to neutral, indicating balanced sentiment between potential gains and downside protection.

- MSTR's share price has dropped 44% from its peak, reflecting a cooling enthusiasm for its bitcoin strategy.

- Despite holding 446,400 BTC, MSTR's appeal as a leveraged bitcoin play is diminishing.

- Investors seem hesitant to pay a premium for bitcoin exposure through MSTR.

What are your thoughts on this shift? Share in the comments! 💬