{"id":28572,"date":"2025-05-26T12:18:54","date_gmt":"2025-05-26T12:18:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=28572"},"modified":"2025-05-26T12:18:54","modified_gmt":"2025-05-26T12:18:54","slug":"bearish-bets-on-strategy-look-alluring-says-10x-research-as-mstr-diverges-from-bitcoins-bull-run","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=28572","title":{"rendered":"Bearish Bets on Strategy Look Alluring, Says 10X Research as MSTR Diverges From Bitcoin’s Bull Run"},"content":{"rendered":"
\n

10x Research<\/a>, led by Markus Thielen, likes bearish options bets on Strategy (MSTR) as the Nasdaq-listed bitcoin BTC holder’s share price diverges from the upward trending BTC price.<\/p>\n

In a report sent to clients Friday, Thielen recommended a bear put spread on MSTR, involving a long position in the $370 put option and a short position in the $300 put, both expiring on June 27.<\/p>\n

This strategy will yield maximum profit if MSTR drops to $300 or lower by June 27, representing a bearish bet on the stock price. Put option insures the buyer against potential price drops in return for a small upfront premium payment.<\/p>\n

The maximum loss for the put spread buyers if MSTR’s price embarks on a new uptrend is limited to the initial cost of the strategy, which was $13.89 on Friday.<\/p>\n

MSTR, however, fell 7% to $369 on Friday, according to data source TradingView. MicroStrategy holds<\/a> 576,230 BTC, the largest for any publicly-listed company, having steadily accumulated coins since August 2020 through debt financing.<\/p>\n

Over the years, it has emerged as a preferred instrument for institutions looking to take exposure to BTC without having to actually own the cryptocurrency.<\/p>\n

The stock price has recently diverged from the upward-trending BTC price, raising alarm bells on crypto social media.<\/p>\n

While BTC hit a record high of over $110K last week, MSTR’s rise stalled at around $440, falling well short of its lifetime peak of $543 reached in November.<\/p>\n

“This trade captures the growing disconnect between Bitcoin\u2019s strength and MicroStrategy\u2019s fading momentum and volatility. Despite Bitcoin reaching all-time highs, MSTR remains significantly below its peak, suggesting investor enthusiasm is waning,” Thielen said, explaining the bear put spread.<\/p>\n

Thielen correctly predicted<\/a> BTC’s recent rise into six figures.<\/p>\n

\"MSTR<\/p>\n

Note that a similar divergence between MSTR and bitcoin marked BTC’s November 2021 top.<\/p>\n

Past data does not guarantee future results, and the latest divergence between MSTR and BTC does not necessarily mean that bitcoin’s bull run is over.<\/p>\n

That said, its does suggest waning enthusiasm about BTC among tradfi investors. In addition, the MSTR bear put spread could offer a hedge against a potential weakness in BTC. <\/p>\n

“Bitcoin is breaking records, but Strategy is stalling\u2014and that divergence matters. Retail is still chasing the dream, unaware that the right-tail upside may be gone. This is where the game changes: when the middleman runs out of premium and the engine stalls,” Thielen said.<\/p>\n

“Buying a Strategy put spread can be profitable, but it is also an effective hedge against a long Bitcoin position,” Thielen added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

10x Research, led by Markus Thielen, likes bearish options bets on Strategy (MSTR) as the Nasdaq-listed bitcoin BTC holder’s share price diverges from the upward trending BTC price. In a report sent to clients Friday, Thielen recommended a bear put spread on MSTR, involving a long position in the $370 put option and a short […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-28572","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28572"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28572\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}