The scale of micro-strategy short positions has shrunk to US$6.9 billion, nearly a quarter of the market value

While overall bearish bets fell slightly, multiple institutions still hold a short position worth $6.9 billion in publicly traded software developer MicroStrategy.

Micro strategies continue to encounter short pressure

Fintel's big short list data shows that as of June 6, institutions held a total of 18 micro-strategy short positions, the largest of which was approximately US$2.4 billion, and a total of US$6.9 billion in funds betting that micro-strategies will usher in the future. Come down.

For comparison, this accounts for nearly 1/4 (23.4%) of the micro-strategy market capitalization of US$29.384 billion, while Amazon’s largest net short position is US$3.59 billion. The largest net short position in the United States is SPDR’s S&P 500 ETF, totaling 1,140.6 One hundred million U.S. dollars.

As previously reported, short-selling investment company Kerrisdale Capital released a research report in March this year, saying that micro-strategies showed a substantial premium compared to Bitcoin, and that after the launch of Bitcoin spot ETFs, buying micro-strategies to gain exposure to Bitcoin will Gone are the days of so-called “Bitcoin strategies” emphasizing micro-strategies.

(The micro-strategy was criticized by short seller Kerrisdale Capital, and the stock price fell 11%)

Short confidence weakens

Although specific institutions bet on the stock price of micro-strategies to fall, short confidence has also weakened significantly. The short ratio for micro-strategy stocks has decreased by nearly 50% over the past six months, from 3.1 days to 1.5 days.

This indicator helps traders analyze the risk of a short squeeze, showing the average number of days it takes short sellers to close their positions. The fewer days, the lower the interest from short sellers.

Short Interest

Data shows that MicroStrategy’s stock price nearly halved (-47.91%) in March and April, but has still increased nearly 4 times (277.59%) since mid-January.

While micro-strategies have risen approximately 469% over the past year, Bitcoin has risen 168% during the same period.

MSTR daily line

This article The scale of micro-strategy short positions has been reduced to US$6.9 billion, nearly 1/4 of the market value. First appeared on Chain News ABMedia.