Deep Tide TechFlow News, January 2nd, according to CoinDesk, the bullish options sentiment for MicroStrategy (MSTR), a leveraged investment vehicle for Bitcoin, has significantly cooled off. 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. MSTR's stock price has fallen 44% from its historical peak of $589 on November 21 to $289, with a market value evaporating by 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 MSTR an implied price of $200,000 or more per Bitcoin.