Bitcoin bulls are watching two events this week that could shake the market out of its longest stretch of negative funding rates in recent memory. MicroStrategy's STRC perpetual preferred stock is approaching its monthly ex-dividend date — a period that has historically preceded the firm's largest bitcoin buys — while the Senate Banking Committee is set to mark up the CLARITY Act on May 14. K33 Research says both events could shift the defensive positioning that has kept perpetual funding rates negative for 74 consecutive sessions.
Why STRC matters
MicroStrategy uses the STRC preferred stock as its primary funding vehicle for recurring mid-month bitcoin purchases. The company issues new STRC shares through its at-the-market program when the stock trades at or above its $100 par value, then deploys the proceeds into bitcoin. That cadence typically thickens ahead of the 15th of each month, when share ownership is fixed for monthly dividend eligibility.
So far in 2026, STRC has funded MicroStrategy's largest bitcoin acquisitions. According to K33, the strategy paid for 22,131 BTC in March and 46,872 BTC in April — the two biggest monthly hauls from the company this year. On May 13, STRC traded just above par and volumes spiked to their highest level since April 15, suggesting another sizable purchase could be disclosed next week.
MicroStrategy now holds 818,869 BTC, and its buying patterns have become a closely watched signal for spot market demand.
The CLARITY Act
The Senate Banking Committee's markup of the CLARITY Act on Thursday is the other key catalyst. The bill is broadly described as constructive for crypto, though debates remain around ethics provisions, DeFi protections, and stablecoin rules. Renna Ba, Head of Ecosystem at Morph, said a failure to pass the CLARITY Act would slow institutional integration of stablecoin payment rails, leaving banks, card networks, and payment processors with unresolved classification and compliance questions.
If the markup proceeds as expected, it could provide a regulatory tailwind that shifts the mood in derivatives markets.
Market positioning
The 30-day funding rate has been negative for 74 sessions straight — a stretch that signals traders are overwhelmingly short or hedged. Open interest has stayed flat, and bitcoin has yet to reclaim its 200-day moving average. K33 notes that defensive perpetual positioning could amplify any upside through short-covering flows if a catalyst like a big MicroStrategy purchase or a positive regulatory signal breaks the funk.
The timing isn't great for bears. With STRC volumes already elevated and a Senate markup on deck, the next few days could force a repositioning. Whether that ends the longest negative-funding streak of the year depends on how much dry powder MicroStrategy actually puts to work — and whether the CLARITY Act clears committee without major amendments.
