#STRC触及历史低点

High-position short whale's unrealized profit reaches $1.32 million; MSTR nearly halved since Strategy's first Bitcoin sale
June 26, according to Hyperinsight monitoring, Bitcoin treasury proxy stock MicroStrategy (MSTR) continues to face pressure. Since the company's first Bitcoin reduction in years (selling 32 BTC at the end of May to cover preferred stock dividends), MSTR has fallen 48% cumulatively, with a further 13.8% drop in the last 24 hours. It is now reported at $82 on Hyperliquid, hitting a two-year low and leading the decline in the HIP-3 market; the unrealized loss on the company's Bitcoin holdings has exceeded $13 billion.
On-chain address aggregate short nominal size is about $5.55 million, long about $5.86 million, with a short/long nominal ratio of about 0.95x.
From the perspective of entry cost, the overall average long price is about $97.24, and the short is about $103.31. The current price of $84 has fallen below the long average, and longs are generally turning to losses.
The nearest long liquidation line is at $76.25, about 9.3% below the current price.
Among them, a high-position short opened a short at $130.65 with 10x leverage, holding $2.4 million, and has achieved an unrealized profit of $1.32 million; in today's sell-off, three new short positions have been opened.
The narrative foundation of MicroStrategy as a Bitcoin treasury proxy stock is facing a test.
Its stock price has fallen 48% cumulatively since the first reduction of 32 BTC at the end of May to cover dividends, hitting a two-year low, simultaneously bringing an unrealized loss of $13 billion on Bitcoin holdings.
This decline has broken through the average entry price of most longs on Hyperliquid, turning the overall market to net losses.
Notably, whale shorts are becoming a source of structural pressure.
In the current news, a high-position short opened a position at $130 with 10x leverage and has an unrealized profit of $1.32 million, while new short orders continue to enter during today's sell-off.
Related signals indicate that on-chain short activity targeting MSTR is not isolated; early this year, a whale already laid out MSTR shorts alongside short positions in Tesla and Micron Technology.
The most critical detail is that the decline in MSTR's stock price is no longer simply following Bitcoin's fluctuations; its own financial product attribute as 'leveraged Bitcoin' is being precisely priced and targeted by the on-chain derivatives market.
What shorts are targeting is not just the Bitcoin price, but the market's reassessment of MicroStrategy's valuation model after its 'never sell Bitcoin' narrative, upheld for years, was broken by the need for dividend payments.