Bitcoin Drama: MSTR’s Wild Ride & IBIT’s Boring Debut 😱📉

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Markets

  • MSTR hit a cycle peak mNAV of 3.141 on Nov 20, right when IBIT options made their $2B debut. Coincidence? I think not. 🤔
  • Since then, MSTR has tanked 40%. But hey, it’s still up 515% since the ETF launches, while IBIT is just chilling at 128%. Slow and steady wins the race? Not this time. 🐢💨
  • Bitcoin implied volatility is snoozing below 40. Looks like leverage products are taking a nap until things get spicy again. Yawn. 😴
BTCBTC$110,956.91◢0.46%

When BlackRock’s IBIT options launched on Nov. 19, the trading world went bananas-$2 billion in volume on day one. That’s a lot of people throwing money around like confetti at a parade. 🎉💸

Meanwhile, Strategy (MSTR) decided to throw its own party, hitting a cycle peak mNAV of 3.141 on Nov. 20. Bitcoin was flirting with $100,000, and MSTR stock hit an all-time high of $540. It was like the crypto version of New Year’s Eve. 🍾📈

But guess what? The party didn’t last. MSTR dropped 40%, and its mNAV shrunk faster than my enthusiasm for a family reunion. At its peak, MSTR held 331,200 BTC, which is now up by about 305,000 BTC compared to earlier holdings. So, you know, progress? Sort of. 🤷‍♂️

MSTR has always been the wild child of the crypto world-a mix of equity exposure and bitcoin’s rollercoaster volatility. Traders loved it because it was like betting on bitcoin but with extra chaos. IBIT, on the other hand, is the boring cousin who just sits there holding spot bitcoin. No drama, no flair. Snooze fest. 😴

Despite IBIT’s solid debut, MSTR has been the real star since the spot bitcoin ETFs launched in January 2024. Up 515% vs. IBIT’s 128%, MSTR is basically flexing in the mirror while IBIT tries to catch up. And let’s not forget-MSTR’s trading volume and volatility make IBIT look like a sleepy toddler. 😴

Right now, bitcoin implied volatility is lower than my expectations for a decent bagel in LA. Until that number climbs, leverage products like MSTR might stay stuck in neutral. So, if you’re waiting for fireworks, grab some popcorn-it could be a while. 🍿⏳

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2025-09-04 14:55