The Defiance Daily Target 1.75x Long MSTR ETF (MSTX) closed down 6.89% at $43.51 on February 5th, as MicroStrategy's rebranding and financial results weighed heavily on investor sentiment. MicroStrategy, now rebranded as Strategy, reported a larger-than-expected Q4 loss due to increased bitcoin purchases and higher impairment losses. This financial strain was compounded by a broader downturn in cryptocurrency markets, with Bitcoin dropping 1.8% to $97,374.66. The decline in Bitcoin and other cryptocurrencies was exacerbated by reduced large transaction volumes and increased exchange netflows, indicating a bearish market sentiment.