When you're watching Bitcoin bounce back and forth between $80,000 and $90,000, and various technical analyses are starting to lose their effectiveness, there's a more straightforward reference point that's being overlooked — and that is the publicly listed company MicroStrategy, which is almost all-in on Bitcoin.

What is MicroStrategy? Simply put, it's a leveraged Bitcoin investment product operating within the framework of a Nasdaq-listed company. The company's approach is quite extreme: treating the company itself as a Bitcoin treasury. As of December 2025, MicroStrategy has accumulated approximately 671,000 BTC. How significant is this number? It accounts for over 3% of the total Bitcoin supply worldwide.

In other words, MicroStrategy's stock price is a complete mirror of Bitcoin's price — its market value, bond value, everything is tied to these over 670,000 BTC. When Bitcoin rebounded in early December, MSTR's stock price surged by over 22%. This high correlation makes MSTR's stock movement the best window into the true sentiment of institutional big players.

Why look at MSTR instead of directly watching Bitcoin's price? Because the rise and fall of MSTR's stock reflect real institutional investment decisions. When traditional technical indicators are conflicting, the direction of this stock often reveals the most authentic battle between bullish and bearish forces in the crypto market.