Let's talk about the current BTC market.

The so-called depegging of STRC is just a narrative to short Strategy, and thus short Bitcoin.
STRC's interest is not mandatory, and it's not that much either.
Strategy's two actual debt maturities are in 2027 and 2028, totaling about 3 billion, which is not much compared to its 50 billion Bitcoin reserves. It's impossible to have a black swan event like FTX or Luna.
This short-selling narrative follows the same logic as the quantum crisis.
The general public roughly knows it's a crisis, but can't tell how serious or urgent it is, so they follow along and turn bearish.
Underneath, it may still be about hoping the crypto OGs quickly hand over their chips to complete the handover with Wall Street institutions.
Of course, the more thoroughly this handover process is completed, the less burden BTC will have when it rallies in the future.
Recently, inflation has surged, the Fed has turned hawkish, starting a rate hike cycle, the dollar is strong, and non-yielding assets like Bitcoin and gold are under pressure, so they are all falling.
SPCX has temporarily dampened the AI narrative. If the AI bubble bursts, BTC will definitely fall along with it in the short term. Unfortunately, BTC is currently treated as a tech stock on some level, and it even follows the downtrend but not the uptrend.
So various factors seem to be pushing BTC in one direction. The only question is how much more it will drop and for how long.
The reversal may occur at the point when the AI bubble bursts, the economy goes into recession, and the Fed is forced to raise rates.
In some mysterious way, it might be aligning with Bitcoin's four-year halving cycle again. Who can you reason with...