MicroStrategy’s record bullish options skew has disappeared as market sentiment becomes more cautious, signaling a shift away from the company’s leveraged bet on bitcoin. The share price has declined by 44% since its record high in November, while the BTC tailwind driven by the Treasury asset narrative is losing momentum.
Traders are no longer chasing upside in MicroStrategy, which has accumulated 446,400 BTC and financed purchases with debt sales. The company’s appeal as a leveraged bet on bitcoin appears to be weakening due to underperformance, despite substantial bitcoin acquisitions. Investors are now willing to pay a lower implied price for bitcoin through MicroStrategy, preferring to purchase it directly at a lower cost.
The change in market sentiment comes as the 250-day put-call skew has bounced back to zero from -20% three weeks ago. This indicates that call options are now trading at parity with puts, signaling a neutral sentiment shift from uber-bullish to cautious.
Source: https://www.coindesk.com/markets/2025/01/02/bitcoin-leveraged-play-micro-strategys-bullish-call-skew-disappears-in-cautious-market-sentiment