Svmuu News: Crypto analyst Murphy posted that Strategy is not currently facing a preferred stock repayment crisis. He believes that for the price of Bitcoin to breach the Strategy preferred stock tier, it would need to fall to $26,000; to breach the debt tier, it would need to fall to $8,000. Murphy pointed out that SATA, a comparable product, has remained above $99 this week, while STRC has become unpegged, indicating that the current market selling pressure is directed more at Strategy itself rather than at any design flaws in the product.He believes this resembles a repricing of leverage and credit, as well as a liquidity crunch triggered by the depletion of cash reserves and the amplification of the first sell-off signals, rather than a liquidation crisis. Murphy stated that Strategy is still a long way from forced liquidation; it is merely that its “flywheel model” has temporarily stalled at current price levels.Bitcoin’s future price trajectory will determine whether this is a mid-cycle correction or the beginning of deeper risks.He believes that equating STRC’s de-pegging with UST’s de-pegging and the LUNA crash during the previous cycle is a clear case of overinterpretation. If the price of Bitcoin rebounds and equity ATM financing resumes, Strategy is expected to replenish its cash reserves and restart its capital operations model.