Analysis: The premium for MicroStrategy's bullish options is falling, reducing its appeal as a leveraged investment tool for Bitcoin

According to CoinDesk, the bullish sentiment for MicroStrategy (MSTR), a leveraged investment target of Bitcoin, has significantly cooled down. 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. The MSTR stock price has fallen 44% from its historical high of $589 on November 21st to $289, with a market value evaporation of 34% in the past two weeks.

Markus Thielen, founder of 10x Research pointed out that although MicroStrategy holds 446,400 Bitcoins (approximately $42.6 billion), its appeal as a leveraged investment tool for Bitcoin is weakening. In December 2024, MSTR fell by 25%, while Bitcoin only fell by 3% and stabilized above $90,000. Thielen stated that when investors can directly purchase Bitcoin at lower costs, they are no longer willing to pay an implied price per Bitcoin of $200k or higher through MSTR.