Data: MSTZ (reverse 2x short MSTR ETF) has a single-day trading volume of over $1.53 billion, which may reflect that MSTR has lost its "uniqueness premium"

According to SoSoValue, the trading volume of MSTZ (reverse 2x short MSTR ETF) on November 21st soared, with a single-day trading volume approaching $1.53 billion, and the previous single-day trading volume was $84 million. At the same time, Citron Research, a well-known short-selling institution, publicly announced that it was shorting MSTR (Micro Strategy). The institution posted on social media that as Bitcoin investment is easier than ever (currently you can buy ETFs, COINs and HOODs), MSTR's trading volume has completely deviated from BTC's fundamentals. "Although Citron is still optimistic about Bitcoin, it has hedged by opening a short position in MSTR." SoSoValue analysts said that MSTR, as one of the channels for non-circle funds to invest in cryptocurrencies in compliance, has received a very high premium. The company's market value peak is about 3.3 times the nominal value of the 331,200 bitcoins it holds, with a premium of more than 230%. Affected by the news that Gary Gensler, Chairman of the US SEC, will step down on January 20, 2025, subsequent supervision is expected to remain friendly, and investors will have more compliant channels to deploy cryptocurrencies. The uniqueness of MSTR will be broken, and being shorted at this point also reflects the loss of the "uniqueness premium" expectation. At the same time, crypto assets will usher in more mainstream funds. If MSTR continues to fall, Bitcoin will reach a new high, the Meme track will stagnate, and PayFi will continue to rise, reflecting that the fundamental factors of crypto market investment are becoming more and more important.