STRC continues to de-peg, and the market is already drawing parallels to the Luna crisis back then.

Topic direction: You can share your observations and judgments.
STRC fell below $82 to hit a new all-time low. Now many in the crypto circle are directly comparing it to the Luna collapse. This concern is not baseless panic; the hidden risk logic behind both is indeed very similar.
The root cause of Luna's complete collapse was that it relied on high leverage and false yield expectations to prop up its market cap. As soon as market confidence wavered even slightly, it triggered a death spiral of cascading sell-offs. Now people fear STRC mainly because Strategy has been borrowing to leverage up and hoard BTC, with its stock price fully tied to Bitcoin assets. Once the market turns cold, the huge debt pressure will force the company to sell spot holdings, replicating 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 prolonged de-peg slow decline. When a crash comes, everyone can intuitively feel the danger, and the idea of cutting losses and exiting is clear. But STRC's slow weakening trend continuously gives holders hope for a rebound, leading them to hold on and wait for recovery again and again, wasting a lot of opportunity costs, and finally being forced to sell at new lows, resulting in even heavier losses.
In the context of this round's altcoin rotation, this incident also gave me new thoughts: whether it's on-chain tokens or US stock targets tied to crypto assets, as long as the entire structure is built on high leverage, they cannot escape the Luna-style hidden risk. Previously, everyone thought that when Bitcoin rises, all related assets would also share in the gains. Now the capital logic has completely changed. Targets with high debt and high leverage will be abandoned by capital first, and will no longer see a broad market rally rotation.
Going forward, the market will only continue to diverge. Whether it's altcoins or US-listed crypto concept stocks, only targets without excessive leverage and backed by real, stable cash flows can withstand the long grinding period. STRC's continued de-peg to new lows is actually the market's early warning of the deadly risks brought by leverage.
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