Bitcoin has stayed inside a $65,000 to $73,000 range through six weeks of war-related headlines, major liquidation events, and some of the weakest sentiment readings since the 2022 bear market. On the surface, that looks resilient. Underneath, the market is getting narrower, with buying concentrated in a small group of institutional channels while much of the rest of the market steps back.
Buying pressure is coming from mandated allocators
The article points to three entities behind most of the steady demand, and their purchases are tied more to business structure than to a fresh discretionary call on price. Strategy remains the clearest example. On April 5, the company disclosed that it bought an additional 4,871 BTC for about $329.9 million, paying an average of $67,718 per coin.
That brought Strategy's total holdings to 766,970 BTC, acquired for $58.02 billion at a blended cost basis of $75,644. At current prices, the position is roughly 8% underwater. Even so, the company has kept adding below its average cost, lowering its breakeven level with each purchase. A CoinDesk report cited in the source said Strategy's 30-day accumulation was holding near 44,000 BTC through March.
ETF demand is still positive, but weekly momentum has cooled
Strategy's continued buying has also been supported by capital raised through its STRC preferred equity product. The source said the product attracted hundreds of millions of dollars in new inflows around its recent ex-dividend date, supplying funds for more bitcoin purchases. If those inflows hold, the bid remains in place. If they slow, demand from that channel slows as well.
U.S. spot bitcoin ETFs have also remained a major source of demand. Over March's 30-day rolling window, they absorbed about 50,000 BTC, the fastest monthly pace since October 2025. Still, shorter-term flow data shows less strength. According to CoinShares, U.S. spot ETFs brought in only $22 million last week, compared with $107 million in total global bitcoin ETP flows.
Global flows are increasingly concentrated
Weekly data also shows how uneven that institutional demand has become. CoinShares reported $224 million in global bitcoin ETP inflows last week, and $157 million of that came from Swiss-listed products alone. That was about 70% of the global total. The institutional channel is still open, but the source describes a market where participation is concentrated and slowing on a weekly basis.
That leaves bitcoin looking stable in price while conviction sits with a much smaller set of buyers. The broad market is not chasing here; the main support is coming from institutions with standing mechanisms to keep accumulating.