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10x Research: MicroStrategy's poor stock performance indicates that investors are no longer willing to buy BTC at an implied price of $200,000 or higher
[10x Research: MicroStrategy's stock price has underperformed, indicating that investors are no longer willing to buy BTC at an implied price of $200,000 or more] 10x Research posted on the X platform that it has been emphasizing that MicroStrategy is overvalued in recent weeks. Investors have a significant premium for indirect BTC exposure, rather than as a truly leveraged investment in BTC. Despite the massive acquisition of BTC, the stock underperformed, suggesting that investors are no longer willing to buy BTC at an implied price of $200,000 (or more) through MicroStrategy, but can buy it directly at a lower price. BlackRock's Larry Fink and MicroStrategy's Michael Saylor have played a key role in shaping the narrative of this bull market, driving strong interest in BTC. While some investors may not be able to directly buy BTC ETFs, many are turning to MicroStrategy as an alternative. However, with MicroStrategy's stock price dropping 44% from its peak, and other companies adopting BTC as a treasury asset strategy on a smaller scale, the tailwind of BTC generated by this narrative seems to be weakening. In combination with other factors, BTC enters the new year with caution, with liquidity, trading volume, and stablecoin issuance momentum playing a critical role in determining its direction.