[Analyst: Strategy is far from forced liquidation, comparing STRC depegging to UST depegging/LUNA collapse is clearly exaggerated] According to a report by Jinse Finance, on June 21, crypto analyst Murphy stated in a post that, as shown in the chart below, it’s clear that for preferred equity to be breached, BTC would need to drop to $26,000; for debt to be breached, it would need to drop to $8,000... In fact, there is currently no repayment crisis for preferred equity. A similar product, SATA, has remained stable above $99 this week. The fact that SATA hasn’t depegged while STRC has indicates that this selling pressure is more targeted at Strategy itself rather than a fundamental design flaw in this type of instrument. Therefore, this is more like a repricing of leverage and credit, compounded by the depletion of cash reserves and the amplification of the initial sell-off signal leading to liquidity tightening; but it is by no means a liquidation crisis. Strategy is far from forced liquidation; it’s just that at the current price, the flywheel has indeed stopped spinning. Moving forward, BTC’s price trajectory will determine whether this is merely a halftime pause or the beginning of a downward spiral. However, comparing STRC’s depegging to the UST depegging/LUNA collapse from the last cycle, with its death spiral narrative, is clearly exaggerated. If BTC prices recover, the equity ATM can reopen, the flywheel can restart, dividends can be replenished with common equity, and cash reserves can be rebuilt—thus addressing the most dangerous factor in STRC’s discount.