Smart-money wallets add $6.1M MicroStrategy longs

Smart-money wallets on the Hyperliquid exchange held $6.1 million in perpetual futures long positions linked to MicroStrategy (MSTR), leaving a net long position of about $2.5 million as the stock declined roughly 41% over the past month. Perpetual futures on Hyperliquid are contracts with no expiry that track the equity’s moves.

Data labeled by an on-chain analytics provider shows a long-to-short ratio of 1.74 on Hyperliquid, with $6.1 million of longs against $3.5 million of shorts. Nine labeled wallets held positions, up from three in May. Funding rates on the market were mildly positive, indicating traders with long exposure were paying to maintain the contracts.

On May 13 those same wallets were net short about $131,000. The group rebuilt long exposure during the early June downturn. Whale-labeled wallets registered a 1.03 long-to-short ratio across a $19.1 million book, near even.

A 30-day correlation reading placed MicroStrategy and Bitcoin at about 0.90, while Coinbase registered about 0.85. Correlations with macro measures were weak: the MOVE index at about -0.24, the iShares 20+ Year Treasury ETF (TLT) near 0.09, and the U.S. Dollar Index around -0.23. The ARK Innovation ETF showed a 0.63 correlation to MicroStrategy over the same window.

Options activity shifted in the period. The equity put-call volume ratio rose to 1.31 on June 3, two sessions before the steepest selling, then fell to 0.80 by June 10 as call volume outpaced puts. Open interest ratios moved slightly from 0.98 to 0.97 and remained near a 10-month high, reflecting persistent hedges even as fresh bearish flow eased.

Bitcoin traded near $61,500 after dipping into the low $60,000s, a level not seen since October 2024 and about 25% lower over the month. MicroStrategy purchased 1,550 BTC for about $101 million at an average price of $65,161 on June 8, following a sale of 32 BTC earlier in the week.

On the equity chart, MSTR defended a floor near $114.28 after heavy-volume selling on June 5. Pre-market trading on June 11 reached about $118.85. The largest long position on Hyperliquid, roughly $5.3 million, was added near $131.77 and carries a liquidation point near $101.70. The largest short, about $331,700 opened near $130.65, had a liquidation point near $186.98.

Street analysts adjusted their targets in early June. One firm reduced its price target from $224 to $163 on June 3 while retaining a buy rating, and another bank lowered its target the same week.

Market monitors identified two reference levels to watch: a net smart-money position near $1 million and Bitcoin around $60,000. Changes around those levels were cited by data providers and market participants as metrics they will track going forward.