Odaily Planet Daily report: Cryptocurrency analyst Murphy stated that the current depegging of STRC can be viewed as a stress test for the market. He believes that STRC’s depegging has temporarily deprived it of financing capacity, and the time required to re-anchor will directly influence the market’s level of concern regarding whether Strategy will sell more Bitcoin again.
Murphy noted that Strategy previously sold only 32 BTC, which, while representing limited actual selling pressure, still breached the psychological resistance of long-term holders. Since the related announcement, the net holdings of long-term holders (LTHs) have begun to decline, with the distribution rate temporarily exceeding the rate at which LTHs accumulated and short-term holders converted, disrupting the market’s original supply-demand balance and driving BTC rapidly down from $74,000 to around $60,000.
Murphy stated that the current market's intense focus on the STRC depegging event essentially reflects investors' sensitivity to whether Strategy will continue selling tokens. If another large-scale sell-off by long-term holders were to occur, current market demand may struggle to absorb it effectively. However, he also believes that the cascading liquidity created by this panic offers an opportunity for large capital to accumulate positions. When negative news continues to be released but the price becomes increasingly difficult to push lower, it often signals that the market is nearing the end of its stress test.