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

CryptoQuant analyst Axel Adler stated that Bitcoin remains the core reserve asset, but in practical operations, BTC has functionally transformed into an important liquidity source supporting the complex capital structure of Strategy ($MSTR).

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