Analysts: BTC is evolving from a reserve asset into a core liquidity source supporting the capital structure of Strategy

According to Odaily, CryptoQuant analyst Axel Adler stated that Bitcoin remains a core reserve asset. However, in practical terms, BTC has functionally shifted to become an important source of liquidity supporting the complex capital structure of Strategy ($MSTR).

Axel Adler pointed out that as Strategy continues to leverage Bitcoin-related assets for financing and capital management, Bitcoin’s role is evolving from being merely a reserve of value to serving as a key liquidity infrastructure within the company’s capital operations system.