STRC continues to depeg, and the market is already drawing parallels to the Luna crisis back in the day.

Topic direction: You can share your observations and judgments.

STRC fell below $82 to hit a new all-time low, and many in the crypto space are directly comparing it to the Luna collapse back then. This concern is not baseless panic—the risk logic hidden in both is indeed highly similar.

The root cause of Luna's complete collapse was that it relied on high leverage and fake yield expectations to prop up its market cap. As soon as market confidence shows even a slight crack, a chain reaction of sell-offs triggers a death spiral. Now, the reason people fear STRC is that Strategy has been relying on debt issuance to leverage up its BTC holdings, with its stock price completely tied to Bitcoin’s performance. Once the market turns cold, the massive debt pressure will force the company to sell its spot holdings, recreating the vicious cycle of self-inflicted selling.

Many people only focus on the risk of a single sharp drop but overlook the destructive power of this long-term depeg and slow decline. When a sudden crash happens, everyone can intuitively feel the danger, and the idea of cutting losses is clear. But STRC’s gradual weakening keeps holders holding onto hopes of a rebound, repeatedly riding out the drawdown while waiting for a recovery, wasting a huge amount of opportunity cost. In the end, they are forced to cut losses at new lows, suffering even greater losses.

Looking at the current narrative of altcoin rotation, this incident has given me new thoughts: Whether it’s on-chain tokens or US stock assets tied to crypto, as long as the overall structure is built on high leverage, they cannot escape the Luna-style hidden danger. Previously, people always thought that when Bitcoin rises, all related assets would get a piece of the pie. Now the capital logic has completely changed—assets with high debt and high leverage will be abandoned first by capital, and they will no longer see the widespread upward rotation of the market.

The market will only continue to diverge from now on. Whether it’s altcoins or US crypto-concept stocks, only those assets without excessive leverage and with real, stable cash flow support can withstand the long grind. STRC’s continued depeg to new lows is actually the market’s early warning of the deadly risk of leverage.

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