TechFlow News, June 26: According to Hyperinsight monitoring data, MicroStrategy (MSTR), the Bitcoin treasury proxy stock, continues to face downward pressure. Since the company’s first Bitcoin sale this year—32 BTC sold at the end of May to cover preferred stock dividends—MSTR’s share price has declined 48% cumulatively. Over the past 24 hours, it fell another 13.8%, trading at $84 on Hyperliquid—the lowest level in two years—and leading declines across the HIP-3 market. The company’s unrealized Bitcoin losses now exceed $1.3 billion.
On-chain addresses show total short notional positions of approximately $5.55 million and long notional positions of roughly $5.86 million, yielding a short-to-long notional ratio of approximately 0.95x. From an average entry-cost perspective, longs entered at an average price of ~$97.24, while shorts entered at ~$103.31. With the current price at $84—below the longs’ average entry—the majority of long positions are now underwater.
Regarding liquidation levels, the nearest long liquidation price stands at $76.25—approximately 9.3% below the current price. One high-leverage short position opened at $130.65 with 10x leverage holds a $2.4 million position and has already accrued $1.32 million in unrealized profit. During today’s sharp selloff, three new short positions have been opened.
