The Defiance Daily Target 1.75x Long MSTR ETF (MSTX) closed at $59.64 on January 21, 2025, down 3.67% as MicroStrategy Inc. (MSTR) faced significant downward pressure due to 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. Additionally, Ethereum is 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. Furthermore, Greenlight Capital's David Einhorn highlighted speculative behavior in the crypto market, referring to it as the 'Fartcoin' stage, and revealed short positions against funds like MSTX, which aim to achieve leveraged returns of MicroStrategy.