Digital Credit is facing its first real stress test. STRC traded down to $82, roughly 18% below its $100 par value, even though treasury companies have been one of the main sources of Bitcoin demand during this bear market bottom. The pressure is coming from multiple sides: Leveraged STRC positions are unwinding. Bitcoin is still forming a bottom. Liquidity is being pulled toward AI and IPOs. Now Digital Credit is being called “dead.” But Bitcoin has been called dead many times before too, usually during the worst parts of bear markets when fear is at its highest. #Bitcoin