TechFlow news, January 2 — According to CoinDesk, bullish options sentiment for MicroStrategy (MSTR), a leveraged investment vehicle for Bitcoin, has significantly cooled. Data shows that MSTR's 250-day put-call skew has rebounded from -20% three weeks ago to zero, indicating market sentiment has shifted from extremely bullish to neutral. MSTR's share price has dropped 44% from its all-time high of $589 on November 21 to $289, with its market capitalization shrinking by 34% over the past two weeks.
Markus Thielen, founder of 10x Research, noted that despite MicroStrategy holding 446,400 bitcoins (worth approximately $42.6 billion), its appeal as a leveraged investment tool for Bitcoin is waning. In December 2024, MSTR declined 25% while Bitcoin fell only 3% and remained stable above $90,000. Thielen stated that when investors can directly buy Bitcoin at a much lower cost, they are no longer willing to pay an implied price of $200,000 or more per bitcoin through MSTR.
