Grayscale's Head of Research, Zach Pandl, stated that Strategy's sale of 32 BTC, though limited in scale, has heightened market concerns over its leveraged Bitcoin reserve model. The institution pointed out that the STRhttps://(wublock123.com)/news/grayscale-strategy-limited-btc-buying-power-needs-more-buyers-62268C preferred stock price falling below $100 has increased financing costs and cash flow pressure, potentially limiting Strategy's ability to continue accumulating BTC. Grayscale believes that for BTC to establish a sustainable bottom, more buyers need to enter the market. In the long term, the diversification of Bitcoin holdings across more enterprises will help strengthen market resilience.