Smart-money wallets build $6.1M longs in MicroStrategy

Nansen-labeled crypto wallets built about $6.1 million of long positions in MicroStrategy perpetual futures on the Hyperliquid exchange during a period when MSTR shares fell about 41% month over month. The cohort holds a net long of roughly $2.5 million, with about $6.1 million in longs against roughly $3.5 million in shorts. Nine labeled wallets hold positions, up from three in May. Funding on the perpetual market was mildly positive, meaning long holders paid funding costs to maintain positions. On May 13 the same group was net short about $131,000 and then rebuilt long exposure in early June.

A 30-day correlation between MSTR and Bitcoin was about 0.90. Correlations with other measures over the same period were weaker: the MOVE index about -0.24, the iShares 20+ Year Treasury ETF (TLT) about 0.09, and the U.S. Dollar Index roughly -0.23. The ARK Innovation ETF registered about 0.63 against MSTR on a 30-day basis.

Options activity shifted during the sell-off. The put-call volume ratio rose to 1.31 on June 3, then fell to 0.80 by June 10 as call volume outpaced put volume. Open interest ratios moved slightly from about 0.98 to 0.97, near a 10-month high.

Bitcoin traded near $61,500 after dipping into the $60,000 area, down about 25% over the month, while MicroStrategy fell about 41% in the same span. On June 8 the company purchased 1,550 BTC for approximately $101 million at an average price near $65,161. Earlier in the sequence, CEO Michael Saylor sold 32 BTC. An analyst on social media pointed to the buyback and suggested a rebound could follow. Another analyst posted that any bounce may be weaker than earlier relief rallies and that further macro downside could occur.

On price charts, MSTR found support around $114.28 after a high-volume decline on June 5, with premarket trading on June 11 near $118.85. The largest long position on Hyperliquid, about $5.3 million, entered near $131.77 with a liquidation around $101.70. The largest short, up about $331,700 from an entry near $130.65, would liquidate near $186.98. Street analysts have reduced targets recently; Canaccord Genuity lowered its target from $224 to $163 on June 3 while maintaining a Buy rating, and Mizuho trimmed its target the same week. The smart-money cohort’s net position stood near $2.5 million after rebuilding longs from a net short of about $131,000 on May 13. Analysts flagged that a net position below roughly $1 million or Bitcoin trading under $60,000 would change the current positioning.