[STRC Depegging Can Be Seen as an Extreme Market Stress Test, Time to Repeg May Influence Concerns Over Strategy Selling Coins] Odaily Planet Daily News: Crypto analyst Murphy stated in an article that the current STRC depegging can be viewed as an extreme stress test for the market. He believes that the depegging of STRC has temporarily caused it to lose its financing capability, and the time required for it to repeg will directly influence market concerns about whether Strategy will sell Bitcoin again. Murphy pointed out that Strategy previously sold only 32 BTC, which imposed limited actual selling pressure, but it still broke the psychological threshold of some long-term holders. Following the related announcement, the net holdings of long-term holders (LTH) began to decline, with the distribution rate at one point exceeding the accumulation rate of LTHs and the conversion rate of short-term holders, disrupting the original supply-demand balance in the market and driving BTC to rapidly drop from $74,000 to around $60,000. Murphy noted that the market is currently highly focused on the STRC depegging event, which essentially reflects investors' sensitivity to whether Strategy will continue selling coins. If it triggers another large-scale sell-off by long-term holders, the current market demand may struggle to absorb it effectively. However, he also believes that the liquidity generated by a chain reaction of sell-offs provides an opportunity for large funds to accumulate positions. When bearish news continues to emerge but prices become increasingly resistant to further declines, it often signals that the extreme market stress test is nearing its end.