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Analysis: MicroStrategy call options premium falls back, its attractiveness as leveraged investment vehicles for BTC is weakening
ChainCatcher news, according to CoinDesk, the bullish sentiment of MicroStrategy (MSTR) as a BTC leveraged investment target has significantly cooled down. 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 dropped 44% from its historical high of $589 on November 21 to $289, with a market capitalization evaporating by 34% in the past two weeks. Markus Thielen, founder of 10x Research, pointed out that although MicroStrategy holds 446,400 BTC (about $42.6 billion), the attractiveness of it as a leveraged investment tool for BTC is weakening. In December 2024, MSTR fell by 25%, while BTC only fell by 3% and stabilized above $90,000. Thielen said that when investors can directly purchase BTC at a lower cost, they are no longer willing to pay an implied price of $200,000 or higher per BTC through MSTR.