Last week Michael Saylor's Strategy bought another 1,587 bitcoin, about $100 million worth. The company now holds 846,842 coins, worth roughly $56 billion, against an average purchase price of $75,656. Do that subtraction and Strategy is sitting on around $8 billion in paper losses. Its stock is down about a fifth this year.

This is the buyer the whole market is counting on to hold Bitcoin up.

The story everyone tells is simple. Spot buyers have gone quiet. The exchange-traded funds have seen steady withdrawals for weeks. But the big corporate treasuries keep buying every dip, so there has to be a floor under the price. Saylor buys. Tom Lee's Bitmine buys, and it is now the largest corporate owner of Ether on the planet. The believers with the deepest pockets step in when everything else looks weak, and that is supposed to be the thing you can lean on.

It is a comforting story, and this week handed it some help. Bitcoin climbed back toward $67,000. The fear gauge is still pinned in extreme fear, the kind of reading that usually marks a low. The buy-the-dip names gave everyone a reason to relax.

Now look at how that bid is actually funded. It is borrowed. These companies did not buy their coins with spare cash lying around. They sold new shares and issued debt to raise the money, and it only works in one direction. As long as the share price stays above the value of the coins they hold, they can keep selling shares to buy more. Once the share price drops below the value of the coins, the buying stops. And the coins are now worth less than what was paid for them.

So the buyer the market is leaning on is underwater on the trade and depends on a share price that is already falling. Two problems at once, in the one corner of the market everyone treats as safe.

That is not a floor you want to stand on at the wrong price. And the level where this buyer stops buying and starts selling is closer to today's $67,000 than it feels.