Grayscale: Strategy's sale of Bitcoin exacerbates market volatility, and its ability to increase holdings in the future may be limited Odaily Planet Daily News: Zach Pandl, research director at Grayscale Research, stated that after Strategy disclosed the sale of 32 bitcoins on June 1st, the market experienced a new round of volatility. Although the sale is insignificant compared to its holdings of approximately 840000 bitcoins (worth around $55 billion), this rare reduction still has an impact on market sentiment. Pandl pointed out that the performance of Strategy's variable rate preferred stock STRC (Stretch) is more noteworthy. The target price for this product design is approximately $100, with a current dividend yield of 11.5%. When the stock price falls below $100, it means that investors are demanding higher returns, and the company may need to increase dividend levels, thereby increasing future cash flow pressure and potentially forcing it to sell more Bitcoin to raise funds, further putting pressure on BTC prices. The leveraged Bitcoin reserve model of Strategy is facing challenges. At the current stock price levels of STRC and MSTR, the company's ability to continue to significantly increase its holdings of Bitcoin may be limited. However, Pandl stated that in the long run, transferring Bitcoin holdings from highly leveraged digital asset reserve companies to more diversified corporate balance sheets will help enhance market resilience and improve Bitcoin's long-term value support. He expects Bitcoin to resume its upward trend in the coming months, but in the short term, its performance may lag behind those cryptocurrency sectors that benefit more directly from regulatory clarity.