Analyst: At this stage, the depegging of STRC can be regarded as an extreme stress test for the market.

```htmlJinse Finance reported that on June 19, crypto analyst Murphy stated that he fully agrees with the viewpoint mentioned by @Guilin_Chen_: at this stage, STRC's depegging can be considered as an extreme market test. STRC's depegging has temporarily deprived it of financing capability, and the timeframe for reprofiling will affect the market's level of concern about whether MSTR will “sell coins” again. Last time, MSTR only sold 32 BTC — although I believe this was more like disguised expectation management rather than actual selling pressure — but it shattered some long-term investors' psychological defenses. The day after MSTR announced coin selling, LTH net holdings began to decline. The speed of distribution surpassed the rate of LTH accumulation plus STH conversion, which shows the strength of the momentum. The market, originally in a weak supply-demand equilibrium, was disrupted by this sudden excessive supply, which also accelerated BTC’s sharp drop from 74,000 to 60,000. Therefore, now the entire market is focused on the “STRC depegging” event, essentially showing heightened sensitivity to whether MSTR will continue to sell coins. If another round of large-scale LTH distribution is triggered, the current market demand simply cannot absorb it. Conversely, whenever there is a chain reaction in the market, the resulting liquidity is most suitable for large funds to accumulate chips. So, when negative news is released but prices become difficult to push down, it means some kind of extreme test is almost coming to an end.```