Bitcoin has lost 20% in the last month, breaching $100k and taking crypto stocks with it
Lost in the AI valuation shuffle is Bitcoin (BTC) undergoing a similar correction. The enigmatic cryptocurrency is down nearly 20% in the last 30 days, earlier this month breaching $100,000 for the first time since May. BTC-adjacent, Strategy Inc (NASDAQ:MSTR) has struggled as well, and is down 3.5% to trade at $222.57 today.
MSTR earlier traded at its lowest level in 12 months, and is now down 24% in 2025. The shares recently broke through a downtrend channel from their July highs, and are heading for a fifth-straight weekly loss.
Downgrades could come soon and add pressure to the equity. Of the 15 brokerages covering MSTR, 13 maintain "buy" or better ratings, while the consensus 12-month price target of $513.40 is a 125.4% premium to its current perch.
While calls outnumber puts on an absolute basis, the rate of put buying has picked up lately. On the International Securities (ISE), Cboe Options (CBOE) and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call ratio of 0.68 sits in the 89th percentile of annual readings.
Options are currently looking affordable for MSTR, per the security's Schaeffer's Volatility Index (SVI) of 73%, which ranks in the 14th percentile of its annual range.