Grayscale Research Director Zach Pandl stated that although Strategy's sale of 32 BTC is limited in scale, it has intensified market concerns over its leveraged Bitcoin reserve model. The organization pointed out that the STRC preferred stock price below $100 has increased financing costs and cash flow pressure, potentially limiting Strategy's ability to continue increasing its BTC holdings. Grayscale believes that for BTC to form a sustainable bottom, more buyers need to enter the market, and in the long term, diversifying Bitcoin holdings across more enterprises will help strengthen market resilience.