最新报道：Strategy's long-standing role as a high-beta proxy for Bitcoin is showing signs of strain as hedge funds increasingly dominate trading and its largest shareholder reduces its exposure. According to an August 18th analysis by 10x Research, Strategy has been trading in one of its narrowest ranges in years, with $360 repeatedly acting as key support. The company's share price has tested this threshold several times in recent months, reflecting subdued volatility and declining investor confidence. The report highlights that Strategy's largest shareholder, Vanguard, reduced its stake by 10% last quarter. While some long-only investors stepped in to buy, hedge funds have since taken control of market activity. This shift raises the stakes at the $360 mark, which could determine whether the stock declines further or recovers. Historically, Strategy has provided high exposure to Bitcoin (BTC) price fluctuations, but this dynamic may be weakening. The report notes that when the stock lags Bitcoin by approximately 20% over a month, it typically presents a favorable entry point, but hedge fund-driven trading suggests shifting market sentiment. 10x Research compared Strategy's performance with that of other Bitcoin treasuries and found that companies holding Bitcoin are losing their market appeal. Strategy's stock price has fallen 13% since mid-July, while Tokyo-listed Metaplanet has plummeted 37% over the same period. The analysis links these declines to a collapse in volatility for both Bitcoin and Strategy, which has reduced the premium investors once paid for exposure. With declining convexity, these companies' ability to amplify Bitcoin's gains has diminished, limiting their fundraising capabilities. Meanwhile, new investment flows are shifting toward Ethereum (ETH) treasuries and cryptocurrency initial public offerings, which are seen as offering fresher opportunities. According to 10x Research, this shift validates their July 19th call that Bitcoin treasuries would lose their edge as volatility compressed throughout the summer. The report leaves investors with a key question: should re-entry hinge on a specific price level, such as $360, or on broader market conditions that could revive demand for Treasury-style exposure?