Analysis: Strategy's holdings are showing unrealized losses but there is no liquidity pressure; the BTC decline is not the "end of crypto."

On February 7th, PANews reported that Sean Stein Smith, a member of the Wall Street Blockchain Consortium Advisory Committee, published an article in Forbes titled "Bitcoin's Decline Is Not the End of Cryptocurrency." In it, he pointed out that although Bitcoin has fallen sharply from its all-time high in late 2025 and market pessimism has intensified, market opinion holds that this decline does not signify the end of the crypto industry cycle. The industry's fundamentals and institutional participation are still strengthening, and the long-term development logic has not been fundamentally destroyed. Institutional adoption is still progressing, with traditional financial institutions continuing to increase their investment in on-chain asset ecosystems. This includes the NYSE's exploration of blockchain exchanges and Fidelity's plan to launch the Ethereum-based stablecoin Fidelity Digital Dollar (FIDD). Although Strategy's Bitcoin holdings are currently showing a paper loss, market analysts believe its financial structure remains sound. Most of the company's Bitcoin assets are not pledged, and the convertible bonds have long maturities, so there is no short-term liquidity pressure or risk of forced liquidation. Therefore, Strategy maintains its long-term bullish strategy on Bitcoin.