PANews June 28 news, CryptoQuant analyst Axel Adler said in a weekly analysis that FUD sentiment surrounding Strategy persists, with the company's mNAV (market net asset value ratio) falling below 1, meaning the market's "premium pricing" for Strategy's business model has disappeared — that is, the market is no longer willing to pay a price for its shares higher than the value of its Bitcoin holdings. Although this does not mean the company will face immediate risk, it will significantly increase the difficulty of financing through common stock issuance and continuing to accumulate Bitcoin. The current core question is whether Strategy can still fulfill its dividend obligations without selling Bitcoin and continue to secure new funding.

Axel Adler added that the Bitcoin market is entering a "structural stress phase," characterized by localized capitulation among short-term holders, deteriorating liquidity, new capital inflows turning negative, and mounting pressure on key valuation and support levels. He suggested paying close attention to Bitcoin's "Realized Price Bands" to determine whether the market is in an overheated, fair value, or structural stress zone.