Culper Research released a report stating that the Ethereum network may fall into a "death spiral" as scalability improvements reduce transaction fee revenue, threatening the token economic model and potentially negatively impacting network security. The report also points out that companies holding large amounts of ETH face valuation risks, while Ethereum co-founder Vitalik Buterin selling ETH has further dampened market sentiment.

Golden Finance reports that Ki Young Ju, founder and CEO of CryptoQuant, stated on social media that selling BTC when the mNAV (the ratio of the company's value to the value of its held Bitcoin) is below 1 is not a wise move. While this action may benefit MSTR shareholders in the short term, it will ultimately harm BTC, thereby also damaging MSTR's interests and creating a death spiral. Previously, the CEO of Strategy stated, "I will only sell Bitcoin when the mNAV falls below 1 and financing is not possible."

PANews December 1 news, Sandeep Nailwal, co-founder of Polygon and CEO of Polygon Foundation, posted on the X platform stating: "I hope Strategy (MSTR) does not become the protagonist of the 'LUNA disaster' in this cycle. This industry can no longer endure another publicly staged death spiral involving Wall Street and retail investors. Hopefully, Michael