STRC's depeg can be viewed as an extreme stress test for the market; the time to repeg may influence market concerns about Strategy selling Bitcoin.

Odaily Odaily Planet Daily News, crypto analyst Murphy stated that the current depeg of STRC can be seen as an extreme stress test for the market. He believes that the depeg of STRC temporarily strips it of its financing capability, and the subsequent time required to repeg will directly impact the market's level of concern regarding whether Strategy will sell Bitcoin again.

Murphy pointed out that Strategy previously sold only 32 BTC. Although the actual selling pressure was limited, it still broke through the psychological defenses of some long-term holders. Since the relevant announcement, the net holdings of long-term holders (LTHs) have begun to decline, with the distribution rate once exceeding the combined rate of LTH accumulation and short-term holder conversion. This disrupted the market's original supply-demand balance and pushed BTC to rapidly decline from $74,000 to around $60,000.

Murphy stated that the market is currently highly focused on the STRC depeg incident, which essentially reflects investors' sensitivity to whether Strategy will continue selling coins. If it triggers another large-scale sell-off by long-term holders, current market demand may struggle to absorb it effectively. However, he also believes that the liquidity generated by cascading sell-offs provides opportunities for large capital to accumulate chips. When negative news is continuously released but prices become increasingly difficult to push lower, it often signals that the market's extreme stress test is nearing its end.