MicroStrategy Inc. (MSTR) is experiencing significant downward pressure, primarily due to the ongoing volatility in the cryptocurrency market. Bitcoin, a major asset held by MicroStrategy, is trading just above $56,000, having faced a steep correction earlier in the week. This decline is compounded by seven consecutive days of outflows from Bitcoin Spot ETFs, with $211.1 million in outflows reported on Thursday. Ethereum, another key cryptocurrency, is also trading below $2,390, mirroring the outflow trend seen in Bitcoin. These outflows indicate a broader market sentiment shift, affecting companies like MicroStrategy that have substantial cryptocurrency holdings.
The Defiance Daily Target 1.75x Long MSTR ETF (MSTX) is currently priced at $55.86, reflecting a 9.77% decrease from its previous close.