The model of institutions accumulating Bitcoin through government bonds has completely stalled. Weekly inflows were $5.57 billion in July, but only $259 million in November. Previously, the strategy was to borrow money to buy Bitcoin, inflate valuations, and then borrow more. Now, with BTC falling to $73,000 and interest rate hike expectations soaring, the cost of bond issuance is unsustainable, and the flywheel has stalled. ETFs and mining companies are also selling BTC. The truth behind $73,000 isn't where the bottom is, it's that there are almost no buyers left. You know what this means.