Strategy, which holds a huge amount of Bitcoin, has recently been targeted - will the world's largest Bitcoin holding company suddenly open the floodgates?

When the market is tense, JPMorgan Chase & Co. throws out a reassurance: as long as the ratio of "enterprise value divided by Bitcoin holdings" is above 1, there is no need to rush to sell. The current number is 1.13. Although it is not rich, it temporarily guards the security border.

Why is everyone so nervous? Just look at the recent tragedy. The crypto market fell fiercely this round, with Strategy's stock price plummeting 42% in three months, and the buying action was even more sudden - it only increased its holdings by more than 9,000 coins last month, compared with more than 130,000 coins in the same period last year. If a "giant whale" of this size really moves the idea of selling, can the currency price withstand it?

To calm down, Strategy still has $1.4 billion in cash reserves on its books. In the short term, even if the currency price continues to fall, the company will not be pushed into a corner.

But there is a hidden bomb that cannot be ignored: once Strategy is removed from the MSCI index, it may instantly evaporate $8.8 billion in inflows. At that time, whether this safety mat is enough now will have to be questioned.

JPMorgan's logic is simple - if the ratio is stable, the market will be less volatile. But the question is, how long can Strategy keep this "above 1" life and death line? If the currency price continues to be under pressure, will the company quietly reduce its holdings?

What do you think? Will this super whale choose to increase its position and buy the bottom next, or reduce its position and stop loss? Welcome to talk about your judgment.