Leveraged Bearish Strategy ETF Surges 19%, Signals Dour Outlook for MSTR and Bitcoin

Description

This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole. A U.S.-listed leveraged anti-Strategy (MSTR) exchange-traded fund (ETF) surged last week, suggesting a potential bearish outlook for bitcoin (BTC) and MSTR. The Defiance Daily Target 2x Short MSTR ETF, listed under the ticker SMST on Nasdaq, rose 19%, its best performance since late February, according to data source TradingView. It was also the third consecutive weekly gain, the first such insta...