Why BTC was dropping and $MicroStrategy(MSTR)$
This was already answered. Scroll down, do some reading, and stop being lazy. Hedge funds have liquidated their Spot BTC ETF holdings to cover their short positions in MSTR, initiating the end of their arbitrage trade.
This action exerts downward pressure on Bitcoin's price while driving up the price of MSTR. Investors with long positions in MSTR are likely to retain their shares, anticipating that MSTR's price will continue to rise until the short covering concludes, independent of Bitcoin's price fluctuations.[Smart][Smart][Smart]
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