🔻 Bitcoin-Leveraged Play MicroStrategy's Bullish Call Skew Disappears in Cautious Market Sentiment

MicroStrategy's (MSTR) bullish call skew has diminished amid cautious market sentiment, as reflected in recent internal options data. The company's stock price has dropped 44% from its record high of $589 in November, leading to a shift in sentiment from bullish to neutral. This is highlighted by a change in MSTR's 250-day put-call skew, which has moved from -20% to zero, indicating that call options are now trading at parity with put options.

Analysts suggest that the bullish narrative surrounding Bitcoin as a treasury asset is losing traction, especially as MicroStrategy's stock underperforms compared to Bitcoin itself. The company, which has accumulated 446,400 BTC since 2020, saw its shares decline by 25% in December, while Bitcoin remained relatively stable. This decline suggests that investors are unwilling to pay a premium for MSTR shares when they can directly purchase Bitcoin at a lower cost.

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