MicroStrategy's recent series of actions may have fundraising as only a superficial reason. The real test is the judgment on January 15 — once delisted from the MSCI index, it will face a $2.8 billion capital shock. This will put dual pressure on both the stock price and BTC market.

The reaction in the options market already hints at the underlying sentiment. Options contracts expiring in 2 weeks to 1 month have shown clear changes:

🟣 Delta 25的Skew指标持续上升——这说明看跌需求在放大
🟣 蝶式价差(BF)也在走高——意味着尾部风险的概率预期在上升

L'argent du marché ne ment pas. Ces signaux d'options reflètent discrètement la véritable attitude des grandes institutions face à cet événement.