Axel Adler's weekly report is quite detailed: decline in STRC's financing ability, stock dilution, breaking the narrative of only buying and not selling — but the core conclusion is that there won't be a large sell-off in the short term, and many people haven't understood that BTC has no redemption rights.

CoinWorld News reports that analyst Axel Adler pointed out in the weekly market analysis report that Strategy faces four major pressures, including Bitcoin falling below the average cost line, declining financing ability of preferred stock STRC, selling Bitcoin breaking the "buy-only" narrative, and dilution pressure from stock issuance. He believes that Strategy's impact on the Bitcoin market is more negative but does not constitute systemic risk, and there is no situation in the short term that requires large-scale selling of Bitcoin. Additionally, holding stocks does not equate to holding Bitcoin, and there is no BTC redemption right, nor is there a subscription and redemption mechanism similar to spot ETFs. If Bitcoin rebounds above the average cost and the market re-allows issuing stocks and preferred stocks at lower costs, Strategy may restart the "Bitcoin flywheel."