The relationship between Bitcoin and STRC in Strategy's reserves now is very similar to the relationship between LUNA and UST. During a bull market, LUNA would rise, and everyone needed UST's 20% high interest. If UST depegged, more LUNA would be created and sold to stabilize UST's peg to the dollar. But in a bear market, when UST depegged, a large amount of LUNA was created and sold. With LUNA already declining in a bear market, mass creation would lead to rapid drops, making it impossible for UST to regain its peg. Once it stays depegged for a while, the risk becomes very high. Now, the same situation is happening with Bitcoin and STRC in Strategy's reserves. If STRC depegs, Strategy would have to sell Bitcoin to restore STRC to 100. Mass selling of Bitcoin would cause Bitcoin's price to drop significantly, creating a vicious cycle. Although the current risk is still low, if Strategy continues to increase leverage, it could face a scenario similar to LUNA and UST's vicious cycle and collapse, especially in the context of a bear market.