#STRC持续脱锚：杠杆清算触历史新低

Leverage liquidation hitting a new all-time low— the data is right there. The CEO is still saying, “It’s not a credit issue.” But the market isn’t buying it. STRC keeps breaking key levels, and short-term traders are getting liquidated outright. Strategy’s move of selling BTC to cover dividends is the final blow to the myth of “never selling coins.”

This round is a stress test for the entire BTC corporate treasury model. In the past, it was all hype—people claimed it could be held for the long term without selling. But now, with real money losses, institutions are starting to vote with their feet. Tools like STRC’s “digital credit” can’t be an exception: no matter how high the yield is, they can’t withstand the continuous erosion of principal.

The old-timer’s conclusion is simple: stop chasing these high-interest preferred shares. The risk-reward ratio has already collapsed. Manage your own positions and keep an eye on on-chain data—that’s the right path. Strategy’s story is still going on, but retail investors have already paid enough tuition.