Pine Analytics: STRC volatility may outweigh ETF flows in Bitcoin's next move

Pine Analytics argues Strategy's preferred stock STRC can create a largely one-way bid for Bitcoin because selling pressure is expressed in the equity market rather than directly through BTC redemptions. The firm said STRC's ATM sales raised $1.18 billion in March 9-15, 2026 to buy 17,994 BTC at an average $70,946, versus about $763 million of net inflows across all 12 US spot Bitcoin ETFs that week. It added that STRC's volatility and its ability to trade at or above the $100 par level can determine how much new issuance occurs and, in turn, how much BTC gets purchased.