BlockBeats News, June 28th – Galaxy Digital CEO Mike Novogratz stated that the core reason for Bitcoin's recent drop is the "Confidence Collapse triggered by Strategy." The issue lies not only in Bitcoin's price itself, but more so in the market's concerns about the Strategy financing model spreading. As the world's largest publicly traded corporate Bitcoin holder, Strategy's stock and preferred securities have become a key indicator for traders to assess Bitcoin market risk. Previously, the company's Bitcoin flywheel effect has been under pressure, with the stock trading price once falling below its Bitcoin holding value, indicating that its long-relied-upon "premium issuance stock financing for Bitcoin repurchase" model is being challenged. Novogratz bluntly stated that STRC trading is weak, and it should have remained around $100. Currently, Strategy's annual dividend obligation has risen to approximately $1.2 billion, and the declining cash reserves have shortened the dividend coverage period to only about 14 months.

Bitcoin is also facing pressure at a macro level. Novogratz summarized the current market logic as "A strong dollar is a weak Bitcoin," with hawkish central bank signals and a strong dollar suppressing demand for risk assets. From a technical perspective, the $59,000 to $60,000 range has become a key defense line for Bitcoin, and if broken, the downside potential could open up to $45,000.

Novogratz also admitted that the current situation is complex, with the probability of a rebound or deep pullback being fifty-fifty. ETF outflows, weak liquidity, and the cautious positioning in the options market further confirm the market's fragile sentiment. Today, the health of Strategy's balance sheet, STRC price performance, and cash position are not only issues at the company level but have evolved into a confidence signal for the overall Bitcoin market.