Breaking! After $BTC fell below 60k, Reddit bros collectively chanted scriptures. $STRC depegged 25%, approaching LUNA-style fear — who will be the next exit liquidity?

In June, $BTC plummeted over 20% in a single month, directly breaking the $60k integer level. The market turned as cold as an ice cellar. On the Reddit CryptoCurrency board, someone posted just one sentence: "To hell with FUD!" The comment section instantly exploded—

"FUD is for noobs; diamond hands just keep adding positions." Users quipped: This is the most emotionally valuable post of the month. Be fearful when others are greedy, and greedy when others are fearful. Salute to those who continue to hold. But who will serve as exit liquidity? Are the "shills" calling for everyone not to sell secretly placing sell orders themselves? If you don't sell, it's all unrealized losses; selling at the top is how you live the high life. Hold tight, we're all good brothers—but who pays the bill in the end?

On the same day, the official Arkham account posed a sensitive question: Could $STRC be the next $LUNA ? The answer is not exactly the same, but the problem is significant. To explain: $STRC is a perpetual preferred stock issued by Strategy Company, with a face value of $100 and an annual dividend of 11.5%. It's currently trading at $76.2, a 25% discount—de-pegged.

Why the decline? Investors are starting to doubt: Is Michael Saylor still willing and able to pay $1.2 billion in dividends annually? Data shows: $STRC has about 105 million shares outstanding, with annual dividend expenses of about $1.2 billion. Strategy reported dollar reserves of about $1.4 billion this Monday—enough to cover one year, but not a second. The key difference is: Saylor is not obligated to pay dividends. If he decides to suspend payouts, $STRC could continue to fall, but Strategy itself won't go to zero overnight like LUNA.

The risk lies ahead: If investors in MSTR (Strategy common stock) realize that their money is being used to prioritize preferred stock dividends, they may reduce their purchases of MSTR. So where is the bottom? The K-line chart has already played out the final result. Perhaps people don't want to admit this fact. Is Saylor paying to show that this is different from the LUNA crash? Do we need to worry? The market determines the price.

Strategy CEO Phong Le stated on June 22 that he had purchased $1 million worth of $STRC. Coincidentally, "deploying more capital to steady the ship"—LUNA founder Do Kwon once posted a similar tweet. It's been exactly 4 years and 1 month since the LUNA collapse. However, compared to LUNA, $STRC at least has real corporate backing.

Third thing: A trader named Chuan Mu had 1,828 tweets dug up. Who is Chuan Mu? In the 2023 ORDI inscription run, he turned $500 principal into $1 million. During the 2025 crypto crash, he shorted a basket of altcoins, turning $10k into $1 million within a month. After October 2025, he openly exited the crypto market, precisely dodging the crash, and shifted to Hong Kong/U.S./A-shares hitting Hynix, Samsung, MRVL, NOK... catching a bunch of bull stocks, with his stock account breaking 60k.

Analyzing his tweets, the truly impressive part is his questioning method: In the AI wave, who are the end users? Who are the infrastructure providers? Who are the supply chain bottlenecks? Who is hardest to scale up? Who is mispriced by the market? He doesn't first ask "Which stock will go up?" but rather "Where will the whole system get stuck?" Following this logic, the main line shifted: Summer 2025, crypto proxies in U.S. stocks (MSTR, SBET, CRCL); End of 2025, moved to early AI infrastructure clues (Micron, LITE); Early 2026, heavily loaded Hynix, Samsung—the most constrained link in AI storage; May 2026, expanded to left foot storage (DRAM), right foot optical communications (MRVL for on-chip optical interconnects, NOK for off-chip long-distance optical communication).

But there are also doubts. Some coins Chuan Mu pumped later experienced "harvest" moves. He said he would hold some stocks for a period, then sold midway, and his followers had no idea. After success, "great scholars defend his methods." Only those who experienced it have a say. Pumping became a probability game, all stories of blood and tears. We need to understand a person comprehensively, not blindly trust, and maintain our own judgment. Teacher, why didn't you notify us when you sold? The "profits" shown are what they want us to see; there's another part they don't want us to see.

From $BTC's "Reddit spiritual victory" to $STRC's "$1.2 billion dividend interrogation" to Chuan Mu's "contradictory persona"—this week, some are cheering each other up, some are calculating cash reserves, some are reviewing tweets to find the next move. Have a great weekend everyone. (The above content is based on public information and online discussions, for reference only.)

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