According to Bloomberg, JPMorgan stated in its latest report that after Strategy adjusted its financing framework, it introduced the risk of potentially selling Bitcoin in the future, transforming from one of the largest buyers in the Bitcoin market into a potential seller as well, adding new uncertainty to the market. JPMorgan noted that Strategy's new policy allows selling some Bitcoin when necessary to pay preferred stock dividends and manage its balance sheet, thereby creating a "two-way capital flow" risk that could have been avoided. The bank estimates that Strategy has purchased approximately $8.2 billion worth of Bitcoin so far this year, accounting for about 70% of the net inflow of digital assets since the beginning of the year, and its holdings represent about 4.2% of the total Bitcoin supply. JPMorgan believes that since Strategy's valuation is highly correlated with Bitcoin's price, if uncertainty and volatility in the crypto market rise further, it could depress the company's valuation and increase the cost of future equity and debt financing to continue purchasing Bitcoin.