Options traders are largely betting against the cryptocurrency treasury company Strategy (MSTR). A significant portion of the heavy put buying came from spread strategies linked to the YieldMax Short MSTR Option Strategy ETF (WNTR), a fund that shortens Strategy stock and generates income through put spreads. It might also be mentioned that MSTR’s stock is down 32.2% over the past month, while WNTR is up 17.4% over the same period. This suggests a short squeeze might be brewing.
Bitcoin (BTCUSD) is going through a rough patch, linked to fears about quantum computing. However, Bernstein analysts believe the reason is that retail capital is nowadays chasing AI stocks obsessively. Therefore, the investor base has simply shifted around rather than lost confidence in crypto overall.
