High-level short whale unrealized profit reaches $1.32 million, MSTR nearly halved since Strategy's first coin 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 coins at the end of May to cover preferred stock dividends), MSTR has fallen 48% cumulatively, and has dropped another 13.8% in the last 24 hours. It is now at $82 on Hyperliquid, hitting a two-year low and leading declines in the HIP-3 market; the company's unrealized loss on its Bitcoin holdings has exceeded $13 billion.
The total on-chain address short nominal size is approximately $5.55 million, long is approximately $5.86 million, short/long nominal ratio is about 0.95x. From the cost basis perspective, the overall average price for longs is about $97.24, shorts 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-level short with 10x leverage shorted at $130.65, holding $2.4 million in position, with unrealized profit already at $1.32 million; in today's sell-off, three new short positions have entered.
The narrative foundation of MicroStrategy as a Bitcoin treasury proxy stock is facing a test. Since the company first reduced its holdings by 32 Bitcoin at the end of May to cover dividends, its stock price has fallen 48% cumulatively, hitting a two-year low, simultaneously bringing an unrealized loss of $13 billion on its Bitcoin holdings. This decline has breached the average entry price of most longs on Hyperliquid, turning the market overall to net losses.
Notably, whale shorts are becoming a structural pressure source. In the current flash news, a high-level short built a position at $130 with 10x leverage, already unrealized profit of $1.32 million, and new short orders continue to enter during today's sell-off. Related signals show that on-chain short activity targeting MSTR is not isolated; earlier this year, a whale had laid out MSTR short positions alongside shorts in Tesla and Micron Technology.
The most critical detail is that MSTR's stock price decline 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. Shorts are aiming not only at Bitcoin's price, but also at the market's revaluation of its valuation model after MicroStrategy's 'never sell coins' narrative, adhered to for years, was broken by the need for dividend payments. $MSTR
{future}(MSTRUSDT)