STRC depeg can be seen as an extreme market stress test, and the time taken to re-peg may affect market concerns about Strategy selling BTC

Odaily News: Crypto analyst Murphy stated that the current depeg of STRC can be viewed as an extreme stress test for the market. He believes that the STRC depeg has temporarily stripped it of its fundraising ability, and the time required for it to eventually re-peg will directly influence market concerns about whether Strategy will sell Bitcoin again.

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

Murphy said that the market's high current attention to the STRC depeg incident fundamentally reflects investors' sensitive sentiment regarding whether Strategy will continue to sell coins. If it triggers another large-scale sell-off by long-term holders, current market demand may be insufficient to effectively absorb it. However, he also believes that the liquidity generated by the cascading sell-off provides an opportunity for large funds to accumulate chips. When negative news continues to be released but prices become increasingly resistant to decline, it often signals that the market's extreme stress test is nearing its end.