[Grayscale: Bitcoin May Enter 'Recovery Phase' in the Coming Months, But Forming a Sustainable Bottom Still Requires Support from New Buyers] BlockBeats News, June 5 — Grayscale's Head of Research, Zach Pandl, published an article stating that after Strategy disclosed the sale of 32 BTC on June 1, it triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not significant, as Strategy's balance sheet still holds approximately 840,000 BTC, valued at around $55 billion. However, as one of the largest digital asset treasuries globally, its strategic shift has put pressure on market sentiment. Pandl believes the more critical issue is the impact of recent volatility on the price of Strategy's variable-rate preferred stock tool, STRC. The STRC is designed to maintain a target price of approximately $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it indicates that investors are demanding higher returns. Strategy could increase dividends, but this would raise future cash flow obligations and potentially lead to more BTC sales, further suppressing BTC prices. Strategy's leveraged business model is under pressure, adding to the overall volatility of the BTC market. At the current levels of STRC and MSTR stock prices, Grayscale believes Strategy's ability to accumulate more BTC is limited. However, Grayscale also believes that, in the long term, reducing the amount of leveraged BTC on digital asset treasury balance sheets and distributing more BTC across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. Before BTC prices can form a sustainable bottom, other buyers need to step in. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other crypto market sectors that are more directly benefiting from regulatory clarity. [Original Link]