$MSTR Today it looks more like a magnification of BTC market action: Nasdaq spot is up about 14.5%, while BTC is up about 6.1% in the same period, and Binance perpetuals have about $180 million in 24-hour trading volume. It’s not a coin—it’s a perpetual contract on Strategy stock, which by nature amplifies Bitcoin’s volatility.
This rally has a detail worth noting: open interest once reached about $43 million, then fell back to about $40 million, and the funding rate is currently close to 0. After pushing higher, positions started to reduce; for now, it doesn’t look like a one-way leveraged long trend where longs just keep piling up. Long positions in the account are about 60%, and the hype has already picked up, but it hasn’t turned one-sided yet. This isn’t a bad thing.
I’m not going to chase this level near $106. If BTC stays strong and MSTR’s US stock can hold above $106, then there may be a chance for the move to continue. If BTC gives back while the MSTR contract is still trading at a premium, the pullback could happen faster than in the spot market.
$MSTR #Bitcoin #Strategy
This rally has a detail worth noting: open interest once reached about $43 million, then fell back to about $40 million, and the funding rate is currently close to 0. After pushing higher, positions started to reduce; for now, it doesn’t look like a one-way leveraged long trend where longs just keep piling up. Long positions in the account are about 60%, and the hype has already picked up, but it hasn’t turned one-sided yet. This isn’t a bad thing.
I’m not going to chase this level near $106. If BTC stays strong and MSTR’s US stock can hold above $106, then there may be a chance for the move to continue. If BTC gives back while the MSTR contract is still trading at a premium, the pullback could happen faster than in the spot market.
$MSTR #Bitcoin #Strategy