Bitcoin is a free market of participants, not a formulaic if x then y. The reason you hold Bitcoin is not the reason everyone else holds Bitcoin. They will buy it and sell it whenever they would like to do so for reasons that they agree with.

The confusion comes from the illusion that Bitcoin holders on X, Nostr, and other social media create that their narrative is the narrative of the entire market, when in fact it represent a minuscule percent of the market participants.

Lastly, no. It’s not nation states selling to fund an army. Armies are built and funded over years to decades, with government budgets and massive strategic process. Not on a whim of events on the ground.