MicroStrategy's recent series of actions may have only superficial reasons behind them, with fundraising possibly being just the surface. The real test will be the judgment on January 15th—once delisted from the MSCI index, it will face a $2.8 billion capital shock. This will exert dual pressure on both the stock price and BTC market.

The reaction in the options market already hints at the outcome. Options contracts expiring in 2 weeks to 1 month have shown clear changes:

🟣 Delta 25 Skew indicator continues to rise — indicating increasing demand for puts
🟣 Butterfly spread(BF) is also climbing — meaning the probability expectation of tail risk is rising

Market money doesn't lie. These options signals are quietly reflecting the true attitude of major institutions towards this event.