People sold this as low to 0 vol, like it was a money market replacement. Now when it's volatile, they have to theorize about people shorting stocks (I'm not short). Here's another explanation: i) STRC investors are moving to SATA because they are blind yield chasing. ii) When the price of bitcoin crashed, the market interest rate for bitcoin increased. Bitcoiners that were herded into this temporary holding pen, sold to buy bitcoin. The preferred products all compete directly with each other for finite pool of bitcoiners and blind yield chasers that would invest in these specific preferred equity products. If one increases the rate to attract capital, the blind yield chasers will logically move from one to the otherbecause realistically they aren't sophisticated at pricing risk between the two. These products will always be volatile relative to the price of bitcoin. When bitcoin is volatile, these will be too because their "interest" rate is directly tied to bitcoin volatility and it's the mezzanine equity of a single company. The volatility is not stripped out. It's not zero vol. The more you know.(Parker Lewis)