PANews reported on April 29th that, according to The Block, Bitwise Chief Investment Officer Matt Hougan stated that Strategy's perpetual preferred stock, STRC, is the main driver of Bitcoin's recent rebound, and the rally may "continue for some time." Hougan pointed out that Bitcoin has rebounded approximately 20% from its February lows to $76,000, with ETFs buying $3.8 billion since March 1st and long-term holders resuming purchases, but Strategy is the single biggest factor, adding $7.2 billion worth of Bitcoin over the past eight weeks. STRC currently yields approximately 11.5% annually, and Hougan expects Strategy to raise billions more through STRC to purchase even more Bitcoin. Last week, Strategy purchased 3,273 Bitcoins for approximately $255 million, increasing its total holdings to 818,300.