PANews reported on June 28, according to Crypto News, Galaxy Digital CEO Mike Novogratz stated that Bitcoin’s recent weakness is closely linked to rising market concerns about the “Strategy (formerly MicroStrategy) model,” and bluntly said there is now an evident “MicroStrategy-led confidence breakdown.”
Mike Novogratz pointed out that the problem is not only Bitcoin’s price itself, but also the market’s reassessment of Strategy’s financing structure. As the world’s largest publicly listed Bitcoin holding company, its stock and preferred securities have become key indicators for gauging risk appetite in the crypto market. The previously relied-upon model of using a share price premium to carry out a “debt-issuance—buy-Bitcoin” flywheel expansion is now failing, and when the stock price falls below the value of its Bitcoin holdings, financing capacity will be significantly weakened, and market confidence cools accordingly.
Mike Novogratz believes Bitcoin’s current key support range lies between $59,000 and $60,000. If it breaks down, the market could further drop to the $45,000 area. He also said short-term trends are difficult to judge, “the probability of going up or moving further down is close to 50/50,” and the market structure remains in an unstable phase. Overall, the market is treating Strategy’s balance sheet, financing ability, and STRC performance as an important “sentiment anchor” for Bitcoin’s price. Bitcoin is currently in a critical support test stage, and the subsequent trend depends on whether this range can hold.
