Following the return of Bitcoin to about $62,000, the focus of the market discussion shifted again to the succession of funds. CryptoQuant CEO Ki Young Ju argued that the greater risk at the moment was not a sharp drop, but rather a lack of direction for long periods of time, leading to a gradual loss of investor confidence and additional funds.

It's harder to keep the heat on a long-term crosser.

In an X post published on 19 June, Ju indicated that the market could normally withstand a sharp retreat as long as investors still expected that prices would be repaired. But if Bitcoin sustains inter-zone shocks for many years, market sentiment will continue to be consumed, and the narratives that supported cattle markets in the past will become less attractive.

He also mentioned that the continued purchase of bitcoin by Michael Saylor was no substitute for new market stories. According to him, the real question was not to continue to grow, but whether there were new reasons for the market to attract the next round of capital.

STRC drops face value raises concern

Concerns surrounding Strategy's financing structure are also on the rise. The company's priority share STRC has recently fallen to approximately $82 and is clearly below $100, and the outside world is beginning to question whether the demand for such securities is sufficient to support subsequent financing.

According to Ju, such tools would be more vulnerable if there was a long-term stagnation of the currency. As investment interests diminish, it may become more difficult for Strategy to continue raising through securities.

  • STRC recently dropped to about $82
  • The face value is $100.
  • QCP estimated dividends buffer period of approximately 7.5 months

QCP, a municipal agency, recently estimated that, given current liquidity, Strategy still has about seven and a half months of dividends payments buffer. QCP also mentioned that the company had repurchased nearly $1.5 billion of reversible debt due in 2029 and raised about $200 million through the sale of MSTR shares.

QCP considered that the sale of some bitcoin could be an option if the company wished to maintain the dividends payments while continuing the Bitcoin Treasury strategy. Peter Schiff, a long-term look at bitcoin, also indicated that the cost of Strategy ' s follow-up financing could rise further if new investors demanded higher rates of return.

ETF, then the market awaits a new story.

Ju also indicated that Bitcoin needed a new narrative to attract the next round of inflows. He mentioned that the approval of the spot bitcoin ETF and the support of the United States at the political level for a warmer bitcoin had been the long-awaited advantage of the market and had been largely digested.

At the same time, the macroeconomic environment remains tight. The report mentions that the Federal Reserve has maintained interest rates this week at between 3.50 and 3.75 per cent and states that inflation remains above target. Higher financing costs continue to suppress risky assets and put more pressure on Bitcoin in the absence of a new catalytic phase.

However, Saylor maintains a long-term optimistic judgment. On BTC Prague 2026, he said that bitcoin could rise to $7 million per piece in the future and that the total value of the network was expected to reach $10 trillion. This judgement is in clear contrast to the current market concerns about prolonged stagnation.