With $STRC dividends today, I have reason to believe that elevated volumes (and thus the Saylor bid on $BTC) is largely a function of the Iran war Post-Dividend Pattern (Jan & Feb cycles) The volume ramp isn't just pre-dividend accumulation. In January, the pre-div ramp peaked at ~2M. Right now we're at 4.6M (shares) — more than double the normal pre-div pattern. The war is adding a flight-to-yield/safety bid on top of the dividend capture trade. For reference, this is 2.3x the previous record in dollar terms for volume STRC at $100 par paying 11.5% annualized is acting like a synthetic money market with yield during a war — people are parking money there. There's usually a post-div volume drop in STRC, but if the war continues, and people continue to like the idea of a high-yield asset pegged underlying to BTC, then we could see volumes snap back and create a persistent bid machine for $BTC. cc @vc_larp