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Bitcoin (BTC)-Leveraged Play MicroStrategy's (MSTR) Bullish Call Skew Disappears in Cautious Market Sentiment

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The record bullish skew in MSTR options has disappeared as the bitcoin tailwind driven by the Treasury asset narrative loses momentum.

The share price is now down 44% from the record high.

Traders are no longer chasing upside in Nasdaq-listed MicroStrategy , a leveraged play on bitcoin , signaling a cautious shift in market sentiment. It means that call options, which traders use to achieve asymmetric upside gains from a potential rally in the underlying asset, are now trading at parity with puts that offer downside protection rather than the unusually high premium observed three weeks ago.The change comes as MSTR's share price has declined by over 44% to $289 since hitting a record high of $589 on Nov. 21, with valuation dropping 34% in the past two weeks alone, according to data source TradingView.

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