STRC slid to $82.50 and SATA fell into the low $90s during a single session, marking what the source describes as the first stress test for Bitcoin digital credit. Strive Chief Risk Officer Jeff Walton said last week’s selloff in the Strategy-linked digital credit products was driven by leveraged liquidations and heavy selling pressure rather than weaker underlying credit quality. He said STRC traded about $950 million and SATA about $150 million on Thursday, compared with roughly $77 million for BlackRock’s PFF, while Strategy’s leverage is about 10% versus about 130% in the 2022 bear market. The episode offers an early real-world signal of how newer Bitcoin-linked credit instruments may trade when liquidity tightens and forced selling accelerates price moves.