Considering the recent extreme situations of $MSTR and $STRC , I suddenly had a new idea about why bitcoin:native and the US stock market are decoupling...

As shown in the chart, the point when the Nasdaq and BTC started to show exposure and become negatively correlated was August 2025, and interestingly, the issuance of STRC (MicroStrategy's perpetual preferred stock) happened right at the end of July 2025...
In other words, there is a possibility that the appearance of STRC has raised MicroStrategy's selling pressure on coins by an entire step!
The previous strategy of holding without selling no longer works after the emergence of STRC, because the so-called "priority" of preferred stock means enjoying the right to claim the company's remaining assets first...
Therefore, this preferred stock, which helps MicroStrategy raise funds, indirectly unlocked the last lock on MicroStrategy's large-scale coin selling! Perhaps Wall Street saw this structural change and chose to temporarily remove BTC from previous asset allocations, leading to the decoupling...
In simple terms, before the issuance of STRC, the BTC held by MicroStrategy was an asset; after issuance, some of the subsequent BTC purchased became collateral...
Theoretically, as long as MicroStrategy still has money to pay dividends to STRC holders, the entire cycle is not at risk of collapse. Once this funds run out, they will have to sell coins...
Why is the fall of STRC below 90 today causing such fear?
Because its design is extremely similar to yield-based algorithmic stablecoins, like Terra's Anchor protocol (UST offering 20% APY), which was the same back then...
Their yields are not genuinely generated but maintained through new capital and protocol subsidies...
So, do you ask me if I’m panicking?
From this perspective, it is indeed necessary to watch out for potential risks. A decline in STRC's price could increase yields, theoretically attracting more funds;
But the current situation is that even after falling so much, no one is buying. There must be some short-term market sentiment crash. If BTC happens to be affected (people worry that MicroStrategy will sell coins on a large scale) and drops sharply, causing MicroStrategy’s mNAV to fall well below 1, and the fund pool used for dividend payments begins to dry up, it could trigger a death spiral...
This probability exists, but it has not yet reached a high level.
One of my guesses is that Wall Street has seen the risks in MicroStrategy’s design of STRC, so they choose to avoid BTC—either waiting for MicroStrategy to blow up and pick up the pieces, or waiting until macro liquidity fully recovers before considering.
This might be the underlying reason for the decoupling of BTC and the US stock market...