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 To be clear. When a hedge fund states they are long BTC & short MSTR; they are 100% talking about playing with leverage & a specific timeframe (locking up funds etc). 
Their own client funds. 
Leveraged long on one side & short on the other. 

What client would agree to this fucking strategy?  Am I missing something. I don’t trade so probably missing something. 
 That’s why it goes tits up so often 
 Regarded. 
 You are missing nothing. Any sane person that has money with these people should be demanding withdrawal ASAP. 
 They are directionally neutral, just shorting to capture the MSTR premium. Doesn’t matter if Bitcoin rips or dumps 
 Right. Makes sense until it doesn’t. 
 Don’t run naked. 
Especially with scissors. ✂️