MicroStrategy's (MSTR) record bullish call skew has vanished, indicating a shift to cautious market sentiment as traders withdraw from bets on bitcoin (BTC) upside. The 250-day put-call skew for MSTR has risen to zero from -20% in three weeks, meaning call options are now trading at parity with puts, signifying a neutral sentiment shift. The company's share price has plummeted 44% from its peak of $589, with a notable 34% drop in just two weeks. The decline is attributed to waning enthusiasm around bitcoin as a treasury asset, a significant supportive narrative in 2024. Despite MSTR's strong performance throughout the year with a 346% gain compared to BTC's 121%, its December performance was disappointing, with MSTR falling 25% while BTC experienced only a 3% decline. Analysts suggest investors are reluctant to pay inflated implied prices for bitcoin through MicroStrategy when it can be purchased directly at lower costs.

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