The continuous detachment of STRC is worth the attention of all BTC holders, as micro strategies have transformed from the biggest engine of bull markets to the biggest systemic risk of bear markets. On June 18th, the lowest price in the STR C market fell to the range of $82-85, hitting a historic low, while SATA fell to around $90. In response, the CEO of Strive stated that the fluctuation was caused by a leveraged liquidation event, rather than a deterioration in underlying credit quality. But what the market is truly concerned about is no longer STRC itself, but whether Strategy's financing flywheel is starting to come under pressure. At present, the total market value of Strategy has dropped to 39.92 billion US dollars, falling out of the top 250 US listed companies, and the floating loss of Bitcoin holdings has exceeded 10.8 billion US dollars. In the past few years, Strategy has formed a positive cycle by continuously raising funds to buy BTC: raising funds → buying BTC → market value growth → continuing to raise funds → continuing to buy BTC. The continuous detachment of STRC and SATA indicates that the market is re evaluating the stability of this model. The most dangerous thing is not book losses, but once the market begins to worry that Strategy may sell BTC in the future to maintain the operation of the system, it may form a negative feedback loop: BTC decline → financing pressure → rising concerns about selling coins → BTC continues to be under pressure. At present, this is more like a liquidity crisis than a credit crisis. But if the detachment continues for a long time, this thunder may really affect this bull market. The biggest fear of a bull market is not the negative impact, but the emergence of cracks in the core narrative.