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Analysis: Strategy holdings are at a floating loss but face no liquidity pressure; BTC decline is not a “crypto endgame”

Analysis: Strategy holdings are at a floating loss but face no liquidity pressure; BTC decline is not a “crypto endgame”

Odaily星球日报Odaily星球日报2026/02/06 13:05
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According to Odaily, Sean Stein Smith, a member of the Wall Street Blockchain Alliance Advisory Board, published an article in Forbes titled "Bitcoin's Decline Is Not the End of Cryptocurrency." He pointed out that although bitcoin has significantly retreated from its historical highs at the end of 2025 and market pessimism is rising, the prevailing view is that this downturn does not signify the cyclical end of the crypto industry. The industry's fundamentals and institutional participation are still strengthening, and the long-term development logic remains fundamentally intact. Institutional adoption continues to advance, with traditional financial institutions increasing their involvement in the on-chain asset ecosystem. This includes the New York Stock Exchange exploring blockchain exchange initiatives and Fidelity planning to launch the Fidelity Digital Dollar (FIDD), a stablecoin based on the Ethereum network. Although Strategy's bitcoin holdings are currently showing a book loss at present prices, market analysis suggests that its financial structure remains robust. Most of the company's bitcoin assets are not pledged, and the convertible bond maturities are relatively long, so there is no short-term liquidity pressure or risk of forced liquidation. The company continues to maintain a long-term bullish strategic position on bitcoin.

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