MicroStrategy (MSTR) stock crashed nearly 50% from its all-time high of $543, reached in November 2024, to trade around $283.84, driven by Bitcoin's plunge below $105,000. This correction reflects a shift in investor sentiment, as they adjust the premium for indirect BTC exposure through MSTR, the largest institutional Bitcoin holder with over 640,250 coins valued at more than $67 billion.
The market decline triggered massive derivatives liquidations totaling approximately $1.2 billion, affecting over 307,000 traders, with long positions accounting for 77% of the total. Major platforms saw significant liquidations: Hyperliquid ($391 million), Bybit ($300 million), Binance ($259 million), and OKX ($99 million). The single largest liquidated position was a $20.4 million ETH-USD long on Hyperliquid.
Ethereum (ETH) dropped roughly 13% over the week to around $3,794, while the total crypto market capitalization fell more than 7% in 24 hours to nearly $3.5 trillion. Technical analysis indicates further downside, with MSTR forming a death cross pattern and Bitcoin showing bearish signals like a double-top, potentially pushing BTC below $100,000. MicroStrategy's net asset value has deteriorated, with its mNAV metric falling from 3.3 to 1.195, hindering capital-raising efforts.
LIVE
XRP
HYPE