Summary
- MicroStrategy has fallen 44% from its peak, indicating a weakening of the bullish distortion phenomenon.
- MicroStrategy's implied volatility indicator has rebounded, showing a weakening narrative momentum for the Bitcoin theme.
- As more companies adopt Bitcoin as a strategic asset, the evaluation method for MicroStrategy is changing.
The bullish distortion phenomenon of MicroStrategy (MSTR), once called a leveraged stock in the Bitcoin (BTC) bullish trend, has significantly weakened.
On the 2nd (local time), cryptocurrency specialized media CoinDesk reported, citing Market Chameleon data, "Currently, MicroStrategy has fallen 44% from its all-time high, and the 250-day put-call skew, which indicates the difference in implied volatility between options, has rebounded from -20% to 0 in just three weeks."
This means that asymmetric call options due to potential rises in underlying assets are not trading at abnormally high premiums.
Markus Thielen, founder of 10x Research, explained, "MicroStrategy is currently trading at a price 44% lower than its peak. As more companies adopt Bitcoin as a strategic asset, the narrative momentum for the Bitcoin theme seems to be weakening."
MicroStrategy began adding Bitcoin to its balance sheet in 2020 and has accumulated approximately 446,400 BTC (about $42.6 billion) so far.
YM Lee
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