MSTR Underperformance vs. Bitcoin**

- Bitcoin recently hit an all-time high above $110K, but MSTR’s stock price (~$369) remains well below its November 2021 peak of $543.

- This divergence suggests weakening investor enthusiasm for MSTR as a Bitcoin proxy.

2. **10x Research’s Bearish Recommendation**

- Markus Thielen of **10x Research** recommends a **bear put spread** on MSTR:

- **Buy $370 put** (long)

- **Sell $300 put** (short)

- **Expiration: June 27, 2025**

- **Max Profit:** If MSTR falls to $300 or below by expiry.

- **Max Loss:** Limited to the initial cost ($13.89 as of Friday).

3. **Why This Trade?**

- MSTR’s fading momentum despite Bitcoin’s rally suggests traders are losing confidence in its premium.

- The trade could serve as a **hedge against a potential Bitcoin pullback**, given historical correlations.

- Similar divergences preceded Bitcoin’s November 2021 top (though past performance ≠ future results).