Data: MSTZ (Reverse 2x Short MSTR ETF) daily trading volume exceeds 1.53 billion US dollars, or reflects MSTR's loss of 'unique premium'.

According to SoSoValue, the trading volume of MSTZ (Reverse 2x Short MSTR ETF) on November 21 was close to $1.53 billion, compared with the previous average single-day turnover of $84 million. At the same time, Citron Research, a well-known shorts agency, publicly announced Short MSTR (Micro Strategy), which posted on social media that as BTC investment is easier than ever before (ETFs, COIN, and HOOD can be bought at the moment), the volume of MSTR has completely detached itself from BTC fundamentals. "While Citron remains bullish on BTC, it has already done hedging by opening MSTR shorts positions." SoSoValue analysts said that MSTR, as one of the channels for external funds to invest in encryption, has obtained a very high premium, and the company's market cap high is about 3.3 times the notional value of the 331,200 BTC it holds, a premium of more than 230%. Affected by the news that SEC Chairman Gary Gensler will step down on January 20, 2025, the follow-up supervision is expected to continue to be friendly, investors will have more compliance channel layout encryption, and the uniqueness of MSTR will be broken. At the same time, encryption assets will usher in more mainstream funds, if MSTR continues to fall, BTC will usher in a new high, the meme track will stagtagnation, and PayFi will continue to pump, reflecting the increasingly important fundamental factors of encryption market investment.