10x Research: MicroStrategy's stock price underperforms, indicating investors are no longer willing to buy BTC at $200,000 or higher implied prices.

Golden Finance reported that 10x Research published an article on the X platform stating that it has been emphasizing the overvaluation of MicroStrategy in recent weeks. Investors are paying a significant premium for exposure to BTC indirectly, rather than as a true leveraged investment in BTC. Despite the large amount of BTC acquisitions, the stock is performing poorly, indicating that investors are no longer willing to purchase BTC through MicroStrategy at an implied price of $200,000 or higher, but rather at a lower price. This indicates that stock investors are no longer willing to support MicroStrategy with inflated NAV. This shift highlights investors' increasingly rational attitude, as they previously accepted MicroStrategy as an unofficial term for 'BTC leverage investment'. It is undeniable that Larry Fink from BlackRock and Michael Saylor from MicroStrategy have played a key role in shaping the narrative of this bull market, fueling strong interest in Bitcoin. While some investors may not be able to buy BTC ETF directly, many are turning to MicroStrategy as an alternative. However, as MicroStrategy's stock price fell 44% from its peak and other companies adopted BTC as a treasury asset strategy on a smaller scale, the tailwind of BTC generated by this narrative seems to be weakening. Combined with other factors, BTC is entering the new year cautiously, with liquidity, trading volume, and stablecoin issuance momentum playing a key role in determining its direction.