[Analysis: Strategy's unrealized losses on holdings but no liquidity pressure, BTC decline is not the 'end of crypto'] Sean Stein Smith, a member of the Wall Street Blockchain Alliance Advisory Board, published an article in Forbes titled 'Bitcoin's Decline is Not the End of Cryptocurrency.' He pointed out that although Bitcoin has significantly fallen from its all-time high at the end of 2025 and market pessimism has intensified, the prevailing market view is that this downturn does not signify the cyclical end of the crypto industry. The industry's fundamentals and institutional participation are still strengthening, and the long-term development logic remains intact. The process of institutional adoption is still advancing, with traditional financial institutions continuing to increase their involvement in the on-chain asset ecosystem. This includes the New York Stock Exchange's exploration of blockchain-related exchanges and Fidelity's plan to launch a stablecoin based on the Ethereum network, the Fidelity Digital Dollar (FIDD). Although Strategy's Bitcoin holdings are currently showing unrealized losses at the current price, market analysis suggests that its financial structure remains robust. Most of the company's Bitcoin assets are not pledged, and its convertible bonds have long maturities. Therefore, there is no short-term liquidity pressure or risk of forced liquidation. The company maintains a long-term bullish strategic position on Bitcoin.