STRC depeg can be viewed as an extreme stress test for the market, and the time taken to re-peg may influence market concerns about Strategy selling Bitcoin

Odaily reports that crypto analyst Murphy stated that the STRC depeg can currently be seen as an extreme stress test for the market. He believes that the STRC depeg has temporarily rendered it unable to function as a financing tool, and the subsequent time required for re-peg will directly affect the market's degree of concern over whether Strategy will sell Bitcoin again.

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

Murphy stated that the market is currently paying close attention to the STRC depeg event, which essentially reflects investor sensitivity regarding whether Strategy will continue selling coins. If it triggers another large-scale sell-off by long-term holders, the 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 funds to accumulate chips. When negative news continues to be released but prices become increasingly difficult to push down, it often indicates that the market's extreme stress test is nearing its end.