Bitcoin Defies Six-Month Trend, Surges Past STRC Ex-Dividend Date Slump

For the first time in six months, Bitcoin has broken its post-ex-dividend date slump, following Strategy's (MSTR) STRC ex-dividend date on April 15. With Bitcoin now trading at $79,000, this marks a significant turning point. At the time of the ex-dividend date, Bitcoin was valued at around $75,000, demonstrating its resilience despite the typical decline in STRC. Over the past few months, STRC has been used as a key funding instrument for the company's Bitcoin purchases. Typically, STRC declines by the payout value on its ex-dividend date, as new buyers are no longer entitled to receive the dividend. However, the shares usually recover within two weeks, returning to their $100 par value. Currently, STRC is trading at $99.47. This recovery is crucial, as it enables Strategy, the largest publicly traded company holding Bitcoin, to utilize its at-the-market (ATM) program, issuing new shares and using the proceeds to purchase additional Bitcoin. Strategy's shares have surged over 9% to $178, with the company likely leveraging its common stock ATM program to fund further Bitcoin purchases. The company recently disclosed its third-largest Bitcoin purchase of 34,164 BTC, with the price initially remaining within the $75,000 range. Nevertheless, the Bitcoin rally appears to be driven by positioning, with perpetual futures funding rates remaining negative, indicating that bearish sentiment still dominates. As prices rise, shorts are forced to close positions, creating a short squeeze that accelerates gains. Furthermore, the persistent Coinbase premium, where Bitcoin trades slightly higher on the US exchange than offshore platforms, points to steady spot demand.