【10x Research: MicroStrategy's stock price performance is poor, indicating that investors are no longer willing to buy Bitcoin at an implied price of $200,000 or higher】 According to a report by Golden Finance, 10x Research stated on platform X that it has been emphasizing the overvaluation of MicroStrategy in recent weeks. Investors are severely overpriced for indirect Bitcoin exposure rather than as a true leveraged investment in Bitcoin. Despite significant acquisitions of Bitcoin, the stock has performed poorly, indicating that investors are no longer willing to purchase Bitcoin through MicroStrategy at an implied price of $200,000 (or higher), when it can be bought directly at a lower price. This suggests that stock investors are no longer willing to support MicroStrategy at an inflated NAV. This shift highlights the increasingly rational attitude of investors, who previously accepted MicroStrategy as the unofficial narrative of a 'Bitcoin leveraged investment.' Undeniably, Larry Fink of BlackRock and Michael Saylor of MicroStrategy have played key roles in shaping the narrative of this bull market, driving strong interest in Bitcoin. While some investors may not be able to directly purchase Bitcoin ETFs, 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. Along with other factors, Bitcoin is entering the new year with caution, and liquidity, trading volume, and stablecoin issuance momentum will play a critical role in determining its direction.

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