Odaily Planet Daily News: According to SoSoValue, the trading volume of MSTZ (reverse 2x short MSTR ETF) skyrocketed on November 21st, with a daily trading volume approaching $1.53 billion, compared to the previous average daily trading volume of $84 million. At the same time, well-known short selling institution Citron Research publicly announced its short selling of MSTR (micro strategy). The institution posted on social media that with Bitcoin investment becoming easier than ever before (currently available to buy ETFs, COINs, and HOODs), MSTR's trading volume has completely deviated from BTC's fundamentals. Although Citron is still bullish on Bitcoin, it has hedged it by opening short positions in MSTR
SoSoValue analysts stated that MSTR, as one of the channels for foreign capital to invest in cryptocurrency compliance in the industry, has received a very high premium. The company's market value is about 3.3 times higher than the nominal value of its 331200 Bitcoin holdings, with a premium of over 230%. Affected by the news that US SEC Chairman Gary Gensler will step down on January 20, 2025, regulatory compliance is expected to continue to be friendly, and investors will have more compliant channels to lay out encryption. The uniqueness of MSTR will be broken, and the short selling at this point also reflects the expectation of losing "uniqueness overflow". At the same time, encrypted assets will attract more mainstream funds. If MSTR continues to decline, Bitcoin will reach a new high, the Meme track will remain stagnant, and PayFi will continue to rise, reflecting the increasing importance of fundamental factors in cryptocurrency market investment.
