**[Analysis: Strategy's Liquidity Issues Have Improved, But a Systematic Bitcoin Trading Framework Is Still Needed]** BlockBeats News, July 18 – Julio Moreno, Head of Research at CryptoQuant, stated that Strategy's newly launched digital credit capital framework has largely resolved the company's short-term liquidity issues. However, a more disciplined Bitcoin buying and selling mechanism still needs to be established. CryptoQuant pointed out that since the announcement of the new framework, Strategy has sold 3,588 BTC (approximately $216 million) to replenish its USD reserves and raised $466.7 million through the sale of MSTR stock, increasing its USD reserves from $1.44 billion to approximately $3 billion. The preferred stock dividend coverage period has also been extended from about 14 months to 29 months. As of now, the company's Bitcoin holdings remain unchanged at 843,775 BTC. However, CryptoQuant believes that Strategy has yet to address two critical issues: 1. When to resume buying Bitcoin. The current framework only regulates financing methods and does not establish a valuation-based systematic accumulation model, which could lead to a repeat of "continuous buying at high levels" in the future. 2. How to sell part of its Bitcoin holdings in the next bull market. The existing framework allows for the sale of BTC to replenish reserves, pay dividends, and repurchase stock, but it has not yet formulated a long-term capital management strategy for phased reductions at cyclical peaks or risk hedging. CryptoQuant stated that establishing disciplined buying and selling practices throughout bull and bear cycles will be a crucial component of Strategy's proactive capital management system. [Original Link]