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BlockBeats News, June 21st. S&P Dow Jones Indices announced that AI infrastructure company Marvell Technology (MRVL.US) and electronic manufacturing services giant Flex (FLEX.US) will be formally included in the S&P 500 Index before the market opens tomorrow (June 22nd). They will replace pool equipment manufacturer Pool Corp. (POOL.US) and food company Campbell Soup (CPB.US). This adjustment is part of S&P Dow Jones Indices' latest quarterly routine index rebalancing. Index component changes typically lead to passive fund inflows into the newly added stocks in the short term. Market participants will focus on the performance of these two stocks at tomorrow's opening.

On-chain data shows that the spot market for altcoins, excluding BTC and Ethereum, has seen net selling for 15 consecutive months, with the cumulative buy-sell difference reaching its deepest negative value since 2020 (about $209 billion–$266 billion). This is not a correction but a structural demand vacuum: 📉 Retail Exodus: Retail investors have exited on a large scale, making buying extremely thin. 🏦 Institutions Ignore: Funds are only focused on "digital blue chips" (BTC/ETH) via ETFs, with interest in altcoins nearly zero. ⚖️ Supply and Demand Collapse: There’s a sustained net inflow of exchange tokens—more selling than buying—putting pressure across SOL, XRP, ADA, and AVAX. Current market situation: ▪️ Bitcoin dominance remains at a high 56.5%–58%. ▪️ The altcoin season index hovers between 35–49 (well below the bull market threshold). ▪️ Even with recent BTC ETF volatility, capital is fleeing altcoins, deepening the liquidity crisis. 💡 Strategy: This isn’t the bottom; it’s a “flight to core” reshuffle. Allocate with caution, focus on core assets, and wait for on-chain demand confirmation.

On June 21, crypto analyst Murphy stated that from the chart below, it is clear that for preferred shares to be breached, BTC would need to drop to $26,000; to breach debt, it would need to fall to $8,000... In fact, there is currently no repayment crisis for preferred shares. Similar product SATA has remained stable above $99 this week. The fact that SATA has not depegged while STRC has indicates that the selling pressure is more directed at Strategy rather than a design flaw of these tools themselves. Therefore, this situation resembles a repricing of leverage and credit, compounded by the depletion of cash reserves and the amplification of initial sell signals leading to liquidity tightening; it is by no means a liquidation crisis. Strategy is still far from forced liquidation; it is simply that the flywheel has indeed stopped turning at the current price. The future price path of BTC will determine whether this is merely a halftime break or the beginning of a downward spiral. However, comparing STRC's depegging to the previous cycle's UST depegging and LUNA collapse is clearly an overreaction. If BTC's price rebounds, equity ATMs reopen, and the flywheel can restart; it can also use common stock to cover dividends and rebuild cash reserves, thereby addressing the most dangerous factor behind STRC's discount.