Svmuu News: Crypto analyst Murphy posted that STRC’s current de-pegging can be viewed as an extreme stress test for the market. He believes that STRC’s de-pegging has temporarily deprived it of its ability to raise funds, and the time required to re-peg will directly influence the market’s level of concern regarding whether Strategy will sell Bitcoin again. Murphy pointed out that Strategy had previously sold only 32 BTC; although the actual selling pressure was limited, it still breached the psychological defense line of some long-term holders.Since the relevant announcement was released, the net holdings of long-term holders (LTHs) have begun to decline. The rate of distribution at one point exceeded the rate at which LTHs were accumulating and short-term holders were converting their positions, disrupting the market’s original supply-demand balance and driving BTC to fall rapidly from $74,000 to around $60,000. Murphy stated that the market’s current intense focus on the STRC de-pegging incident essentially reflects investors’ heightened sensitivity regarding whether Strategy will continue selling coins. If this triggers another round of massive selling by long-term holders, the current market demand may struggle to effectively absorb the supply.However, he also believes that the liquidity generated by successive sell-offs provides an opportunity for large institutional investors to accumulate positions. When negative news continues to emerge but prices become increasingly difficult to push lower, it often signals that the market’s extreme stress test is nearing its end.