The market sentiment towards Nasdaq-listed MicroStrategy (MSTR), a company that holds a significant amount of bitcoin as a treasury asset, has shifted from bullish to neutral. The put-call skew for MSTR has increased to zero from -20% in three weeks, indicating that call options, which offer upside gains, are now trading at the same level as put options, which provide downside protection. MSTR's share price has declined by over 44% since reaching a record high in November, and its appeal as a leveraged bet on bitcoin is weakening. Investors are no longer willing to pay a high premium for exposure to bitcoin through MSTR when they can purchase it directly at a lower cost.



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