Strategy's MSTR drops 50% from all-time high as BTC dips below $105,000

Strategy’s (formerly MicroStrategy) share price is on a slide as sentiment around Bitcoin turns bearish. MSTR is now down by roughly 50% from its all-time high. The premium investors who once paid for indirect Bitcoin exposure through the stock seem to be unwinding as BTC dips below $105,000.

Given Strategy’s status as the largest institutional Bitcoin holder, its stock continues to move largely in tandem with BTC. The OG crypto’s price has dropped by 14% over the last 7 days. MSTR’s share price recorded a drop of more than 12% in the last 5 trading days.

Strategy’s Bitcoin holdings lose $10 billion in two weeks

Strategy had managed to deliver impressive returns over time. Its share price rose from around $63 in January 2024 to hit its all-time high of $543 on November 21, 2024. As of now, MSTR is trading at an average price of $283.84. Pre-market trading data shows that it is running down by 8% and can see another sell-off when the market opens up. 

The company currently holds over $67 billion in Bitcoin, with more than $21 billion in unrealized gains. Earlier this month, favorable rulings from the US Treasury and IRS helped the company avoid a multi-billion-dollar tax bill on its BTC holdings, which pushed its MSTR price into green territory.

MicroStrategy is now down 50% from its all-time high 😬

The premium investors once paid for indirect Bitcoin exposure is unwinding. pic.twitter.com/vYB0WtmxCO

— Maartunn (@JA_Maartun) October 17, 2025

However, recent market turbulence has pressured both BTC and Strategy. Data shows that the market value of Strategy’s Bitcoin holdings has dropped by more than $10 billion in the past two weeks, dipping from its peak of over $78 billion.

Despite this, the company still reports an unrealized profit of nearly $21 billion.

$1.2 billion crypto liquidations hit traders

The Bitcoin price dip has led the market to heavy liquidations in the derivatives arena. Friday saw BTC dipping below $105,000. The crypto printed red indexes all around as its cumulative cap dropped by over 7% in the last 24 hours, making rounds at $3.5 trillion now.

The sell-off triggered around $1.2 billion in liquidation of long and short bets placed by the traders. More than $915 million worth of liquidated bets (77%) turned out to be long positions. CoinGlass data shows that over 307,000 traders got liquidated. The single largest hit was a $20.4 million ETH-USD long on Hyperliquid. Bitcoin losses totaled $453 million, with Ether contributing another $276 million.

Hyperliquid led with $391 million in liquidations, followed by Bybit at $300 million, Binance at $259 million, and OKX at $99 million. 

Strategy continues to offer leveraged exposure to Bitcoin, but its fortunes remain tightly coupled to BTC’s price action. Recent liquidations and broader market volatility have raised alarms for investors that institutional Bitcoin plays can deliver outsized gains. They also carry heightened downside risk during periods of market stress. 

The biggest altcoin, Ethereum, is also following the same trend. ETH price is down by around 13% over the past 7 days. ETH is trading at an average price of $3,794 at press time.

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