Bitcoin has continued its recent decline, briefly dipping to around $59,000. Foreign media reports indicate that one of the focal points of market debate is shifting from macroeconomic pressures to the impact of strategies on Bitcoin demand.
The article mentions that Strategy remains one of the most active Bitcoin buyers in the public market this year, with some of its increased holdings funded by the high-yield instrument STRC. Previously, some analysts have considered this financing and purchasing arrangement as a significant source of Bitcoin demand in 2026.
STRC falls below $100
The controversy lies in the fact that the price of STRC has fallen below $100. The article states that this instrument once dropped to $91 before recovering to around $93. For the market, this is not just price volatility, but also signifies a weakening expectation of continued funding and further Bitcoin purchases surrounding Strategy.
Based on this, the article argues that if the market no longer regards Strategy as a source of stable buying, the short-term pressure on Bitcoin will not only stem from a decline in overall risk appetite, but also from a decrease in the marginal influence of a single large buyer.
Market divergence widens
However, supporters disagree with the notion that "a single institution can dictate the fate of Bitcoin." Michael Saylor stated on social media that Bitcoin is an open network open to all participants and should not be interpreted as dependent on any one capital entity.
Author Lyn Alden holds a similar view. She believes that even if one party holds about 4% of the Bitcoin, it is not enough to cause the entire network to fail. Her core judgment is that Bitcoin's resilience exceeds the current pessimistic narrative in the market.
We'll have to wait and see what Strategy does next.
The article argues that the market will continue to closely watch Strategy's next move. The reason is straightforward: if the company continues to sell Bitcoin, or slows its buying due to pressure on its funding instruments, the price of BTC could face further downward pressure.
Conversely, if Strategy resumes increasing its holdings, the debate surrounding its "demand engine stalling" may cool down, and market sentiment could potentially recover. The core argument from foreign media is that Strategy is not the sole determining factor for Bitcoin, but at this stage, it remains one of the most closely watched marginal variables in the market.
