Wu Blockchain has learned that Bitwise CIO Matt Hougan mentioned in a memo that the recent volatility of Strategy's (MSTR) perpetual preferred stock STRC is part of the deleveraging at the end of the crypto cycle. Hougan stated that STRC previously attracted funds by trading at high yields and close to its $100 face value, with Strategy using the proceeds to purchase BTC. However, as BTC and MSTR prices dropped, the market began to worry about its ability to pay dividends, causing STRC to plummet to around $75 at one point. Hougan noted that Strategy could sell BTC periodically in the future to support dividend payments, which means its phase as a one-way BTC buyer might be over. The next major BTC buyers could shift to institutional funds. https://(wublock123.com)/news/bitwise-cio-strc-volatility-deleveraging-end-of-crypto-cycle-63975