Analysis: Strategy's Bitcoin Holdings Show Floating Losses but No Liquidity Pressure, BTC Decline Not the "End of Crypto"

Odaily News According to an article titled "Bitcoin's Decline Is Not the End of Cryptocurrency" by Sean Stein Smith, a member of the Wall Street Blockchain Alliance Advisory Board, despite Bitcoin's significant retreat from its all-time high at the end of 2025 and rising market pessimism, the prevailing market view is that this downturn does not signify the cyclical end of the crypto industry. The industry's fundamentals and institutional participation continue to strengthen, with the long-term development logic remaining fundamentally intact. The process of institutional adoption is still advancing, with traditional financial institutions continuously increasing their involvement in on-chain asset ecosystems. This includes the New York Stock Exchange's ongoing exploration related to blockchain exchanges and Fidelity's plans to launch the Ethereum network-based stablecoin, Fidelity Digital Dollar (FIDD). Although Strategy's Bitcoin holdings currently show floating losses at the current price, market analysis suggests its financial structure remains robust. Most of the company's Bitcoin assets are not collateralized, and its convertible bonds have long maturities, meaning there is no short-term liquidity pressure or risk of forced liquidation. The company maintains its long-term bullish strategic positioning on Bitcoin. (Forbes)