You wrongly assume that ES is buying Bitcoin with money that it badly needs and has any need at all to think about having to sell in the near future. The money they have invested in Bitcoin so far represents only a small part of their GDP and does not affect how good or bad the state treasury is. If you buy Bitcoin from time to time with some small amounts and practice the DCA method, does that mean that you should pay attention to the price in the short term at all?