PANews reported on March 14th that crypto analyst Ragnar stated on the X platform that Strategy's perpetual preferred stock (STRC) saw a single-day trading volume of $745 million this week. Based on an estimated 48% liquidity conversion rate (including off-market trading), this single income-generating instrument, STRC, could potentially correspond to a purchase of approximately 5,000 Bitcoins on that day. Further calculations suggest that the STRC-related funds this week may have already corresponded to approximately 13,000 Bitcoins. Considering the approximately 1:2 financing ratio between STRC and Strategy's common stock, the potential Bitcoin purchase this week could reach approximately 39,000 Bitcoins. This scale is equivalent to adding a large Bitcoin holding company in one go. However, the analyst cautioned that the above data is a market estimate, and the actual purchase size will depend on the company's disclosure. Other analysis points out that the current crypto market structure has not yet fully shifted to a bull market; the 50-day correlation between Bitcoin and the Nasdaq 100 index remains as high as 84%, meaning that if the stock market experiences a correction, Bitcoin may also face downward pressure.