Strategy Sees $6 Million in Bullish Bets Despite 40% Stock Crash

Strategy shares have fallen about 41% in a month, outpacing Bitcoin’s decline, but crypto-native traders built long exposure during the selloff. According to BeInCrypto, Nansen-labeled “smart money” wallets on Hyperliquid hold $6.1 million long versus $3.5 million short in MSTR perpetual futures, for a net long of $2.5 million and a 1.74 long-to-short ratio. BeInCrypto said MSTR’s 30-day correlation with Bitcoin is 0.90, while options flow shifted from puts to calls as the put-call volume ratio fell to 0.80 by June 10 from 1.31 on June 3. Canaccord Genuity cut its price target to $163 on June 3, which the report cited as a potential cap on any rebound.