On June 21, crypto analyst Murphy stated that from the chart below, it is clear that for preferred shares to be breached, BTC would need to drop to $26,000; to breach debt, it would need to fall to $8,000... In fact, there is currently no repayment crisis for preferred shares. Similar product SATA has remained stable above $99 this week. The fact that SATA has not depegged while STRC has indicates that the selling pressure is more directed at Strategy rather than a design flaw of these tools themselves. Therefore, this situation resembles a repricing of leverage and credit, compounded by the depletion of cash reserves and the amplification of initial sell signals leading to liquidity tightening; it is by no means a liquidation crisis. Strategy is still far from forced liquidation; it is simply that the flywheel has indeed stopped turning at the current price. The future price path of BTC will determine whether this is merely a halftime break or the beginning of a downward spiral. However, comparing STRC's depegging to the previous cycle's UST depegging and LUNA collapse is clearly an overreaction. If BTC's price rebounds, equity ATMs reopen, and the flywheel can restart; it can also use common stock to cover dividends and rebuild cash reserves, thereby addressing the most dangerous factor behind STRC's discount.