#比特币价格分析 Looking back at past market cycles, this report has brought back many memories. Strategy's preferred stock STRF performed remarkably, with a 36% increase over 9 months, truly impressive. It is highly correlated with Bitcoin's movement, rebounding in sync after stabilizing around $80,000, indicating that market confidence is recovering.

This reminds me of the 2017 bull market, when many crypto-related stocks also showed similar performance. However, the current market is more mature, and products like STRF with fixed income are favored, showing that investors are paying more attention to risk management. A fixed annual interest rate of 10% plus governance rights is indeed very attractive.

From the widening spread between STRF and subordinate preferred stock STRD, it is clear that low-risk preference remains strong. This situation often occurs at the end of a bear market, where investors start allocating from the safest assets first. Strategy has prepared $1.44 billion in cash reserves for preferred stocks, further boosting confidence.

Overall, these signs indicate that market sentiment is improving. However, we should also be cautious and avoid blindly optimistic assumptions. Bitcoin cycles tend to last longer than expected, so patience is key. At this stage, it might be wise to consider low-risk products like STRF, while closely monitoring market changes and waiting for clearer turning points.