Tiger Research has issued a warning that a significant market shock could occur in 2028 if Bitcoin's price drops to $23,000. According to the report, Strategy, a key player in the crypto industry, can withstand a Bitcoin price decline to this level before facing insolvency. However, the expiration of call options on a substantial volume of Strategy's convertible notes in 2028 could lead to investor demands for early repayment if Bitcoin remains near insolvency levels. Such a scenario might compel Strategy to liquidate up to $6.4 billion in Bitcoin, potentially equating to 20-30% of global daily spot trading volume. This forced sell-off could result in significant market volatility, impacting the broader cryptocurrency market.