[Analyst: Strategy Faces Four Major Pressures Including Decline in STRC Financing Ability, But No Systemic Risk for Now] According to a report by Jinse Finance, CryptoQuant analyst Axel Adler released a weekly market analysis pointing out that Strategy has essentially shifted from being a Bitcoin leverage tool to a complex capital structure risk asset. It currently faces four major pressures: Bitcoin falling below its average cost line, a decline in the financing ability of preferred shares (STRC), breaking the 'buy-only, no-sell' narrative by selling Bitcoin, and dilution pressure from stock issuance. However, Axel Adler believes that Strategy's current impact on the Bitcoin market is neutral to slightly negative and does not constitute a systemic risk. In the short term, there is also no need for large-scale Bitcoin sell-offs. Strategy has previously clarified that holding its stock is not equivalent to holding Bitcoin, as there is no BTC redemption right and no subscription/redemption mechanism similar to spot ETFs to maintain synchronization between stock price and net asset value. If Bitcoin rises above its average cost and the market once again allows for the issuance of stocks and preferred shares at lower costs, Strategy may restart the 'Bitcoin flywheel' and restore market confidence.