[Strive Executive: Digital Credit Sell-Off Was a Liquidation Event, Not a Credit Crisis] According to CoinDesk, Strive Chief Risk Officer Jeff Walton stated that after last week's significant sell-off of digital credit products related to the Strategy Bitcoin ecosystem (STRC and SATA), there has been a partial rebound. The volatility was attributed to leveraged liquidations and heavy selling pressure, rather than a deterioration in the underlying credit quality. Walton pointed out that trading data shows the sell-off of related instruments by holders triggered liquidations in traditional financial markets. This event did not originate from DeFi protocols but is a normal fluctuation in the maturation process of a new asset class. In terms of liquidity, STRC's trading volume on Thursday was approximately $950 million, and SATA's was about $150 million, far exceeding the $77 million level of BlackRock's Preferred Securities ETF (PFF) during the same period. This indicates the market's strong capacity to absorb large transaction volumes, which is critical for attracting institutional investors.