Tom Lee: Strategy, holding 650,000 Bitcoins, has become the preferred hedge in the market.

Bitmine CEO Tom Lee stated that due to limited on-chain options, institutional investors hedged their crypto losses by shorting MSTR stock, causing it to plummet by 43%. MSTR holds 650,000 Bitcoins, with liquidity far exceeding that of derivatives, exposing the fragility of the crypto market.