Analysis: MicroStrategy's call option premiums have declined, and its attractiveness as a leveraged investment tool for Bitcoin is weakening
ChainCatcher news, according to CoinDesk, the bullish options sentiment for MicroStrategy (MSTR), which serves as 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 that market sentiment has shifted from extremely bullish to neutral. MSTR's stock price has fallen 44% from its all-time high of $589 set on November 21 to $289, with a market cap evaporation of 34% over 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 buy Bitcoin directly at a lower cost, they are no longer willing to pay an implied price of $200,000 or more per Bitcoin through MSTR.