10X Research said in a post on the X platform that it has been emphasizing that MicroStrategy is overvalued in recent weeks. Investors have a significant premium for indirect bitcoin exposure, rather than as a true leveraged investment in bitcoin. The underperformance of the stock, despite the large number of bitcoin acquisitions, shows that investors are no longer willing to buy bitcoin at an implied price of $200,000 (or more) through MicroStrategy, but can buy it directly at a lower price. This shows that equity investors are no longer willing to prop up MicroStrategy with an inflated NAV. The shift underscores the increasingly rational attitude of investors, who had previously accepted the unofficial term MicroStrategy as a "leveraged bitcoin investment". It is undeniable that Larry Fink of BlackRock and Michael Saylor of MicroStrategy have played a key role in shaping the bull market narrative, driving strong interest in Bitcoin. While some investors may not be able to buy a Bitcoin ETF outright, many are turning to MicroStrategy as an alternative. However, with MicroStrategy shares down 44% from their peak and other companies adopting Bitcoin as a treasury asset strategy on a smaller scale, the Bitcoin tailwind generated by this narrative appears to be waning. Combined with other factors, Bitcoin enters the new year on a cautious note, with liquidity, volume and stablecoin issuance momentum set to play a key role in determining its direction.