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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.

1: "White-haired Stock God" Serenity responds to criticism: The market is the final judge of right and wrong, not the angry comments on social media platforms; 2: The well-known MEV bot Jaredfromsubway.eth suffered a sandwich attack, losing over $7.5 million; 3: In South Korea, preliminary exports of storage chips surged year-on-year in the first 20 days of June, with SSD exports up 405% year-on-year; 4: US media: The war in Iran is depleting the Pentagon's funds and may push defense spending to $80 billion; 5: Tether co-founder: Stablecoins will enter the 2.0 era, and in the future, users should share reserve profits; 6: Review of STRC falling below $100 timeline: Strategy Bitcoin capital model faces stress test; 7: Hyperliquid: Settlement has been completed for all USDH-denominated markets on HyperCore; 8: "Rich Dad Poor Dad" author: Gold, BTC, and ETH may have opportunities for price rise; 9: Axelar responds to security incident: Axelar and IBC were not affected, and the vulnerability stemmed from the "infinite mint" issue in a third-party token contract; 10: Galaxy research director: Tokenized stocks are mainly divided into two types—issuer-backed and third-party-backed.

BlockBeats news, on June 21, The Wall Street Journal investigation found that a large number of "users making huge profits" videos circulating on social media about prediction market platform Polymarket are not real. Some of this content is produced by paid creators, who attract user attention and participation in the prediction market by forging profit screenshots and exaggerating trading records. According to the report, such content has been widely disseminated on TikTok, Instagram, and YouTube, creating the impression that ordinary users can easily make huge profits by betting on political, sports, and trending events. However, there is a significant discrepancy between the real situation and the promotion. The investigation showed that most users did not gain substantial profits, and some popular cases were even completely fabricated. Polymarket promoted to U.S. users through simulated trading demonstrations and forged profit videos. At the same time, the platform also hired the marketing company "Virality" to specifically manage influencer promotion campaigns, with related activities reportedly targeting U.S. users as the main group. Previously, Polymarket avoided regulatory restrictions by not providing services to U.S. users. If these reports are true, it may mean the platform has long operated in a legal grey area in the U.S.