The Friction Report: Institutional hoarding vs market float — podcasters are split on whether relentless ETF/$STRC accumulation is a permanent bid or a brittle squeeze. Top tensions to watch: Mechanical buying vs available float; Institutional adoption vs custody/bridge fragility; Geopolitics vs macro liquidity. Tension 1 — Mechanical buying vs available float One side: non-discretionary buyers ($STRC, $IBIT, corporates) are removing issuance and compressing exchange liquidity, forcing price gaps higher. The other: limited tradable float and concentrated holder pools mean a single large sell or forced liquidation could trigger violent mean reversion. α-sentiment sits at 7.1 and α-Index around 0.71, so bullishness is high but fragile. #AudioAlpha #FrictionReport #BTC #podcastintelligence