Galaxy CEO: Strategy stocks and preferred securities have become key indicators of Bitcoin market risk

According to crypto.news, GalaxyDigital CEO MikeNovogratz said that the core reason for Bitcoin's recent decline was the "collapse of confidence triggered by Strategy." The problem lies not only in the Bitcoin price itself, but also in the spread of market concerns about the Strategy financing model.<br /> As the world's largest publicly owned Bitcoin holder, Strategy's stocks and preferred securities have become key indicators for traders to measure risk in the Bitcoin market. Previously, the company's bitcoin flywheel effect had been under pressure, and its stock trading price was once lower than the value of its bitcoin holdings, which means that the "premium stock issue financing repurchase" model that it has relied on for many years is being challenged. Novogratz bluntly said that STRC trading was weak and should have stayed around $100. Strategy's annual dividend obligation has now risen to approximately $1.2 billion, and declining cash reserves have reduced the dividend coverage period to only approximately 14 months.<br /> Bitcoin is also under pressure at the macro level. Novogratz summed up the current market logic with the words "A strong dollar is a weak bitcoin". Hawkish central bank signals and a stronger dollar are suppressing demand for risky assets. Technically, Bitcoin's US$59000 to US$60000 range has become a key defense line, and if it falls below the downside, it may open to US$45000.<br /> Novogratz also admitted that the current situation is complex, and the probability of a rebound and a deep correction is 50 - 50. Outflows of ETF funds, weak liquidity and cautious positioning of the options market further confirm market fragility. Today, Strategy's balance sheet health, STRC price performance and cash positions are not only corporate-level issues, but have also evolved into signals of confidence for the overall Bitcoin market.