“Trading well below its peak, indicating a drop in investor enthusiasm,” Thielen said while explaini

Thielen previously predicted Bitcoin’s recent surge to six-figure territory.

MSTR vs BTC (TradingView/CoinDesk)

It's worth noting that a similar divergence between MicroStrategy (MSTR) and Bitcoin coincided with BTC's peak in November 2021.

While historical patterns aren’t guarantees of future outcomes, the current divergence between MSTR and BTC doesn't necessarily signal the end of Bitcoin’s bull cycle.

However, it does point to a cooling sentiment toward BTC among traditional finance investors. At the same time, the MSTR bear put spread may serve as a potential hedge against BTC weakness.

“Bitcoin is setting new highs, but MicroStrategy is lagging—and that divergence is meaningful. Retail investors are still chasing gains, unaware that the major upside might already be behind us. This is the inflection point: when the premium fades and momentum stalls,” Thielen noted.

“Purchasing a put spread on MicroStrategy could yield profits, while also acting as a hedge for those holding long positions in

Bitcoin,” he added.

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