MicroStrategy acquires 10,600 more bitcoins—why is the market reaction muted?

Source: DigitalToday Original Title: Bitcoin sees ‘calm rise’ despite MicroStrategy’s large-scale purchase—why? Original Link:

Market Background

Despite MicroStrategy announcing the acquisition of 10,600 additional bitcoins, bringing its total holdings to over 660,000, the market response has remained relatively calm. According to blockchain media reports, the price of bitcoin fluctuated between $88,000 and $92,000 before only recently beginning to trend upward.

Market Response and Questions

Crypto influencers have raised questions: “Why doesn’t a billion-dollar purchase move the price?” This phenomenon has sparked widespread discussion within the market.

Analysis of the Reasons

OTC (Over-the-Counter) Mechanism

Industry consensus is that large-scale institutional purchases are primarily conducted through OTC trading. OTC deals bypass public order books, effectively avoiding slippage risks and leaving no immediate trace on charts or price indicators. MicroStrategy negotiates with miners, early holders, and market makers to acquire supply, with price movement only occurring if OTC inventory is insufficient.

Limited Market Impact

Analysts point out that MicroStrategy’s recent purchase accounts for only 0.05% of the circulating supply, so the market impact is quite limited. When companies acquire large amounts through negotiated block trades rather than public spot markets, the accumulation can occur without the market even noticing. Some believe these large-scale purchases may simply be psychological tactics and do not directly affect the price.

Real Driving Forces

The recent rise in bitcoin’s price is not driven by a single factor but is the result of multiple influences:

• Whale-level buying activity
• Short position liquidations
• Changes in the regulatory environment

This demonstrates that large-scale purchases do not necessarily have an immediate impact on the market.