分析师：BTC正从储备资产演变为支撑Strategy资本结构的核心流动性来源

Odaily Planet Daily News: CryptoQuant analyst Axel Adler stated that Bitcoin remains a core reserve asset, but at the operational level, BTC has functionally transformed into a significant source of liquidity supporting the complex capital structure of Strategy ($MSTR).

Axel Adler pointed out that as Strategy continues to raise funds and manage capital through Bitcoin-related assets, Bitcoin's role is evolving from a purely value reserve tool to a key liquidity infrastructure within the company's capital operation system.