From when Strategy first began selling coins, MSTR has nearly halved, and the high-level short whale is currently showing an unrealized profit of $1.32 million.

Deep Tide TechFlow News, June 26—According to monitoring by Hyperinsight, Bitcoin treasury proxy stock MicroStrategy (MSTR) continues to face downward pressure. Since the company’s first reduction of its Bitcoin holdings this year (selling 32 coins at the end of May to cover preferred stock dividends), MSTR has fallen by 48% cumulatively. In the past 24 hours alone, it has dropped another 13.8%. On Hyperliquid, it is currently trading at $84, hitting a new two-year low and leading the decline in the HIP-3 market. The unrealized loss on the Bitcoin it holds has already exceeded $13 billion.

Across on-chain addresses, the total nominal size of shorts is about $5.55 million, while longs are about $5.86 million, giving a short/long nominal ratio of roughly 0.95. Based on opening (building) costs, the overall average price for longs is about $97.24, and for shorts about $103.31. At the current price of $84—now below the longs’ average—most long positions have turned unprofitable.

On the liquidation side, the most recent long liquidation line is at $76.25, about 9.3% below the current price. Among these, one high-position short—opening a short at $130.65 with 10x leverage—has a position size of $2.4 million and already shows an unrealized profit of $1.32 million. In today’s sell-off, three new short positions have entered the market.