MicroStrategy stock (MSTR) has bounced about 29% off its late-June low, even shrugging off news that the company sold Bitcoin.

Yet the rebound is running on fading volume and still-negative money flows. That gap between a rising price and cautious money is why this bounce looks fragile.

The Bounce Looks Strong, But the Volume is Fading

After sliding from about $197 in mid-May to roughly $82 by late June, MSTR has bounced about 29%. The stock even held firm after Strategy, the company formerly known as MicroStrategy, confirmed it sold roughly 3,588 Bitcoin, and it climbed alongside Bitcoin’s 7% rebound.

That bounce is about four times the size of Bitcoin’s, an early sign that MSTR now…