The jump of Bitcoin up to US$76,000highest in more than two months, does not respond solely to the classic combination of macro narrative and risk appetite.
Behind the movement, the Bitfinex exchange identifies a drivers much more specific and structural: “The STRC preferred stock product issued by Strategy, which is operating as a supply absorption mechanism in the market.”
The key is not so much in the instrument itself, but in how it works. The exchange explains that STRC channels flows through a scheme at-the-market which, in practice, translates into constant purchases of BTC.
That is, it is not simply a passive financial vehicle, but a structure that acts as persistent demand on the underlying asset. In a market where the float available on exchanges is already limited, that type of flow has a direct impact on the price.
The data reinforces that reading. In just two days, the volume associated with the STRC exceeded US$1.5 billionwith sustained operations at par or above the nominal value. This flow was supported by recent financing and led to the purchase of almost 14,000 BTC at prices around US$71,900. The result is an effective supply drain that gives consistency to the bullish movement.
Now, the rally did not start there. The trigger was macro. The breakdown of negotiations between the United States and Iran and the subsequent blockade of the Strait of Hormuz generated a shock that found the market poorly positioned, with an excess of bearish bets.
That led to a short squeeze that liquidated positions for more than US$200 million and quickly pushed the price from the US$70,700 area. But, as Bitfinex points out, these types of movements are usually ephemeral if there is no flow to sustain them. In this case, that role was played by STRC.
The change that redefines the crypto market
This point marks a relevant change in the dynamics of the crypto market: the price stops depending exclusively on sentiment or specific events and begins to respond increasingly to financing structures that operate on a continuous basis.
It’s a behavior closer to that of traditional marketswhere institutional flows and investment vehicles determine valuation floors and ceilings.
Going forward, the scenario continues to be conditioned by the macro front. The evolution of the conflict in the Middle East, particularly its impact on the price of oil, is a critical variable.
A new jump in crude oil could reactivate inflationary pressures and force a toughening of Jerome Powell’s speech and the Federal Reserve (Fed), driving up real yields and the dollar. That combo historically acts as a brake on risky assets, including Bitcoin.
In parallel, the microstructure of the market shows that there is still technical fuel. The concentration of short positions between US$76,000 and US$78,000 configures a pressure zone that, if exceeded, could enable a cleaner movement towards US$82,000. Only above that level does a more solid resistance appear, linked to the average cost of short-term holders.
Bitfinex’s conclusion is that the current rally is not explained only by a specific event, but by the combination of an initial shock and a structural flow that supports prices.
In that scheme, STRC works as an “invisible hand” that reduces the available supply and gives consistency to the new trading range. It is a silent regime change: less epic, more financial mechanics.
How the mechanism that drains Bitcoin supply works
Iñaki Apezteguia, co-founder of Crossing Capital, tells iProUP that “STRC Appears Central Factor Behind Bitcoin’s Latest Momentumalthough it is not the only force that is pushing the price,” he adds.
The expert explains that the instrument, perpetual preferred shares issued by Strategyworks as a key piece within a broader dynamic where flows towards spot ETFs, the macro context and institutional adoption also influence.
Apezteguia analyzes that the appeal of STRC is direct: “It offers a variable dividend of 11.5% per yearpaid monthly in cash, and has a design that channels 100% of the funds raised towards the purchase of Bitcoin in the market.”
“In practice, this turns the instrument into a constant source of demand. As appetite for STRC accelerates, Strategy issues new shares to its nominal value of US$100 and uses that capital to acquire BTC, generating sustained buying pressure,” he completes.
That’s exactly what happened in mid-April. Between the 13th and 14th, the traded volume exploded with record numbers, more than US$1,160 million in one day and up to US$1,570 million in the next, which enabled new issues and massive purchases, says Apezteguia.
In fact, in the previous days, between April 6 and 12, the company had already acquired 13,927 BTC for around US$1 billion.
“With subsequent flows, the market estimates that between 7,800 and 14,800 additional BTC were added. The effect is clear: a predictable and persistent demand that acts as direct support on the price,” says Apezteguia.
In the short term, the expert considers, STRC established itself as a drivers BTC relevantprecisely because of that repetitive mechanism. As long as there is demand for an instrument that combines high yield with low volatility and the company remains practically anchored to its $100 pair, Strategy has an almost automatic engine to continue accumulating Bitcoin.
“Today, its treasury already exceeds 780,000 unitswhich further amplifies its impact on market dynamics,” he asserts.
For sophisticated investors, this opens up an interesting logic: “It allows you to capture a relatively stable income stream, with indirect exposure to upside of Bitcoin, but without the extreme volatility of the asset”.
“In terms of portfolio construction, it can function as complement of direct positions in BTC or even ETFsalways under a key condition: that the instrument maintain its stability around the nominal value. If that holds, the scheme continues to work. If it breaks, the ‘engine’ loses efficiency,” concludes Apezteguia.
The critical look at the true impact of STRC
Ramiro Rodríguez, CFO of Fiwind, relativizes the impact of Strategy on the dynamics of Bitcoin. He clarifies that he does not consider it an “invisible hand” that determines the price, although he does recognize that his Moves are weighted by the size of your position.
In this sense, it stands out that the STRC preferred stock issuance “accomplished something quite clever”: “Capture capital from the traditional market and channel it almost directly towards the purchase of Bitcoin, generating a more constant and less speculative flow of demand.”
As he explains, this helps to understand why at some times STRC emissions coincide with price increases, “not by chance, but by chance.” effective purchases in the market“.
However, Rodríguez sets a clear limit to that influence. He maintains that there is “quite a distance” between recognizing this effect and considering it a determining factor, since Bitcoin remains a global market that responds primarily to international liquidityinterest rates, flows to ETFs and the macro context.
Along these lines, he suggests that STRC can add buying pressure and amplify movements in the short term, but its impact depends on maintaining demand for that instrument. For this reason, he concluded that “it is better to interpret it more as a price accelerator than like a steering wheel capable of defining its direction”.
