CNBC
09 Jun 2026, 11:10 UTC · 2h ago
Bitcoin's brutal sell-off sparks a flurry of trading in related stocks, including one big bullish bet
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CNBC
09 Jun 2026, 11:10 UTC · 2h ago
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Story key points
4 claims · impact-rated
MicroStrategy has conducted its first sales of Bitcoin in years, which has spooked investors in the company and the broader cryptocurrency market. — Selling by a primary institutional holder often signals a peak or a shift in conviction, creating downward pressure on asset prices.
-0.60Bitcoin has lost approximately 27% of its value in 2026 and is currently about 50% off its all-time high. — Significant year-to-date losses and a deep drawdown from peaks indicate a strong bearish trend and reduced risk appetite.
-0.40A major options trader has placed a $21 million bullish bet on Coinbase via diagonal calls, targeting a price above $183.40 by August. — Large-scale institutional positioning for a rebound suggests potential floor support and a bullish outlook for crypto infrastructure.
+0.30Continue reading
6 related stories
A trader executed a $56 million options strategy on MicroStrategy that profits if the stock remains below $125 through August. — High-conviction bearish bets on the primary BTC-proxy stock suggest professional traders expect further weakness or stagnation.
-0.20Ticker attribution
Model heads
The company's recent sales of bitcoin have spooked investors, and traders are betting on the stock price dropping.
Despite being described as a hard-hit exchange stock, a significant trader is betting $21 million on a sizable comeback.
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