The shock in the petrol market shook traditional stocks this month, while Bitcoin remained calm, creating an interesting scene. Brent and WTI rose by about 30%, surpassing $100 per barrel, while BTC gained approximately 4% to reach $70,200. So, how is this possible?

Major players have taken action. According to information from high-frequency trading firms and liquidity providers, institutional investors made massive BTC purchases through privately negotiated over-the-counter (OTC) transactions. These OTC trades enable large-volume acquisitions without causing price fluctuations on public exchanges. At the same time, MicroStrategy continued to strengthen its portfolio.

Traders are also employing a popular strategy: short-selling MicroStrategy shares while buying Bitcoin ETFs. This way, they benefit from both assets and balance their risks. The result? Bitcoin spot ETFs traded in the US saw net inflows exceeding $700 million this month. Since the end of February, inflows reached $1.7 billion. This indicates a reversal from the four-month outflow period.

MicroStrategy's moves are also significant. In March, it purchased 17,994 BTC, increasing its total holdings to 738,731 BTC. This amount is equivalent to about five weeks of new mining. The network now exceeds 20 million BTC, with limited daily supply increase.

On-chain analysis also supports this. Large wallets holding over 1,000 BTC increased their positions by 0.3% during recent dips. This indicates continued accumulation during weak periods. Additionally, over 400,000 BTC recently changed hands in the $60,000–$70,000 range. Despite geopolitical tensions, OTC activity and institutional interest seem to have maintained Bitcoin's stability.