Strategy's perpetual preferred stock, STRC, recorded a weekly trading volume of $745 million, potentially translating to a Bitcoin purchase volume of approximately 39,000 BTC, according to crypto analyst Ragnar. This estimate considers a cash realization rate of 48% and Strategy's common stock financing ratio. However, these figures are speculative and depend on official disclosures. Despite the significant trading activity, the broader crypto market has not fully entered a bull phase. The 50-day correlation between Bitcoin and the Nasdaq 100 remains high at 84%, indicating potential downward pressure on Bitcoin if equities correct.