Bitcoin Stagnation Threatens Saylor's STRC Structure, Warns CryptoQuant CEO

Ki Young Ju, CEO of CryptoQuant, warns that Bitcoin's stagnation could threaten Michael Saylor's STRC structure. Saylor's company uses capital markets to raise funds for its BTC holdings and issues a preferred stock instrument called STRC, which pays monthly cash dividends.

Ju notes that if the market spends years moving sideways, it will become harder to sustain Saylor's capital-raising model. He points out that Bitcoin can withstand price drawdowns if investors believe in the next rally, but long stagnation weakens demand and compresses MSTR premium.

Ju emphasizes that Bitcoin's core has not changed, but the reasons people use to justify higher prices change from one market cycle to another. He believes capital will flow into Bitcoin over time, but notes that the feeling of an obvious next catalyst is weaker than it was a decade ago.