Keyrock's analysis indicates that Strategy's share repurchases represented more than 20% of STRC's weekly trading volume in nearly every week of September.

NS3.AI reports that about $1.45 billion of Strategy's $2 billion buyback authorization had been utilized by October 4, leaving roughly $547.2 million available.

STRC typically sees around $150 million in daily trading volume, yet market depth appears to weaken sharply when the price moves away from the $100 level.

The study did not assess how much liquidity might vanish in the absence of Strategy's purchases, nor whether the buybacks were the cause of the observed trading-volume relationship.

Shareholders are set to vote on October 28 on daily dividend payments, which Strategy says could bolster price stability and attract institutional demand.