Axel Adler: Strategy is facing four major pressures and currently has no systemic risks

According to CryptoQuant analyst Axel Adler's market analysis weekly report, Strategy is facing four major pressures: Bitcoin falling below the average cost line, preferred stock STRC financing ability declining, selling Bitcoin breaking the "buy not sell" narrative, and dilution pressure brought by stock issuance. Axel Adler believes that the impact of Strategy on the Bitcoin market is negative and neutral, and does not constitute systemic risk. There is no need to sell a large number of Bitcoin blocks in the short term. Holding stocks in Strategy is not equivalent to holding Bitcoin, as there is no BTC redemption right and no subscription and redemption mechanism similar to spot ETFs. If Bitcoin rebounds above its average cost and the market allows for the issuance of stocks and preferred shares at lower costs, Strategy may restart the 'Bitcoin flywheel'.