According to Mihir (@RhythmicAnalyst), recent large Bitcoin purchases have occurred through OTC (Over the Counter) deals rather than public exchanges, meaning the size and price of these transactions are negotiated privately and determined offline (source: Twitter, April 28, 2025). For traders, this indicates that significant market movements may not be immediately reflected in exchange order books, potentially impacting liquidity and price discovery dynamics. Monitoring OTC activity is critical for anticipating supply and demand shifts that do not appear in traditional exchange trading data.