Shares of (NASDAQ: MSTR) dropped 20.7% lower in January 2024, according to data from S&P Global Market Intelligence. In keeping with the business intelligence specialist's recent history, the price move was dictated by rumblings in the Bitcoin (CRYPTO: BTC) market -- but this time, it wasn't about the cryptocurrency's actual price change.

Here, let me explain.

MicroStrategy's January chart relied on the emerging access to exchange-traded funds (ETFs) based on Bitcoin's spot price. Many investors have treated MicroStrategy as the closest thing to a Bitcoin-focused stock since it started converting its cash reserves into direct Bitcoin holdings.

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Source Fool.com