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💥 Tom Lee's latest view: Is institutional hedging making MicroStrategy take the blame?
In the CNBC interview on November 21, the host mentioned that MicroStrategy had fallen 50% in the past three months and had retraced 65% from its July peak, asking what the relationship was between this and the synchronized decline of Bitcoin.
Tom Lee explains:
Billion-dollar Bitcoin longs held by large institutions are almost impossible to hedge in crypto derivatives or CME futures.
MicroStrategy's options chain has high liquidity and has become the only place for institutions to meet large-scale hedging demands.
The result? The market has released all the hedging pressure from the influx of Bitcoin bulls onto MicroStrategy → Its stock price has become a leading indicator of Bitcoin risk appetite and market sentiment.
📊 In other words, when Bitcoin falls, do you think it's the coin itself that's the problem? In fact, MicroStrategy's stock price is taking the hit for the institutions!