Analyst: Strategy faces four major pressures including the decline in STRC's financing capabilities, but has no systemic risks

CryptoQuant analyst Axel Adler released a weekly market analysis report pointing out that Strategy has essentially changed from a Bitcoin leverage tool to a complex capital structure risky asset. Currently, it faces four main pressures: Bitcoin has fallen below the average cost line, preferred stock STRC financing capabilities have declined, Selling Bitcoin breaks the "only buy but not sell" narrative, and the dilution pressure brought by stock issuance. However, Axel Adler believes that the current Strategy's impact on the Bitcoin market is negative and neutral and does not pose a systemic risk. There are no blocks that need to sell a large amount of Bitcoin in the short term. Strategy has previously made it clear that holding stocks is not the same as holding Bitcoin, that there is no BTC redemption right and there is no purchase and redemption mechanism similar to spot ETFs to keep stock prices in sync with net asset value. If Bitcoin rebounds above its average cost and the market re-allows for lower-cost issuance of stocks and preferred stocks, Strategy could restart the "Bitcoin flywheel" and restore market confidence.