Galaxy Digital CEO Mike Novogratz has highlighted a growing market concern over the "Strategy model," formerly known as MicroStrategy, which he describes as a "MicroStrategy-led confidence breakdown." Novogratz emphasized that the issue extends beyond Bitcoin's price, focusing on the market's reassessment of Strategy's financing structure. As the largest publicly listed Bitcoin holding company, Strategy's stock and preferred securities are now seen as key indicators of risk appetite in the crypto market. The traditional model of using a share price premium to fund a "debt-issuance—buy-Bitcoin" strategy is faltering, with potential implications for financing capacity and market confidence if the stock price falls below the value of its Bitcoin holdings. Novogratz noted that Bitcoin's critical support range is between $59,000 and $60,000, warning that a breakdown could lead to a further decline to $45,000. He described the market structure as unstable, with short-term trends difficult to predict, and emphasized the importance of Strategy's balance sheet and financing ability as a "sentiment anchor" for Bitcoin's price.