Six weeks of war have revealed that bitcoin's floor depends entirely on a handful of mandated buyers absorbing what everyone else is trying to get rid of. Bitcoin's price has stayed in a relatively tight range around $65,000 to $73,000 during six weeks of war, but that stability masks a market increasingly dependent on a small group of mandated institutional buyers. Strategy, U.S. spot bitcoin ETFs and a few other institutional channels now provide most of the sustained buying, while…
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