Bitcoin Community Split in Two: MicroStrategy's Recent Purchase of 10,000 BTC Did Not Move the Price — OTC Liquidity and Market Structure Under Scrutiny
Andrew Tate's post questioning why there was no movement in Bitcoin's price after MicroStrategy's purchase of ~10,000 BTC sparked heated discussions in the cryptocurrency community. This dialogue particularly indicates an endless confusion among individual traders: How do such large purchases fail to create a visible impact on the price?
Bitcoin OTC Market Depth: A Misunderstanding Emerged in Community Discussion
The debate brought to the forefront by Andrew Tate came after MicroStrategy added over 10,600 BTC — a purchase worth nearly one billion dollars — and the total coins held by the company exceeded 660,000.
Despite this massive purchase, the Bitcoin price barely budged at that time, remaining stuck between $88,000 and $92,000 for a long time, and only today did a significant upward breakout occur.
Many names in the industry remind us: Institutional giant purchases often do not pass through spot order books. Instead, purchases occur directly between buyers and sellers, outside of exchanges, via Over-The-Counter (OTC) desks.
Since these transactions do not pass through public liquidity pools, there is no slippage, and they do not leave an obvious mark on candle charts, price indices, or tables.
This means that a billion-dollar purchase can be quietly transferred among miners, old wallets, market makers, and distressed sellers: It is completed without triggering an upward price movement in the market.
When OTC inventories cannot meet demand, buyers turn to the spot cryptocurrency exchange — that is when the real price reaction starts. MicroStrategy's quiet accumulation of coins reveals the current liquidity depth of Bitcoin.
In Bitcoin price movement, the transaction path is more effective than the size.
Various analysts also emphasize: Although MicroStrategy purchases are exaggerated, they actually point to only a small portion of active supply.
Purchasing 10,000 BTC means approximately 0.05% of the total circulating supply, and when these purchases are made through mutual block trading instead of the spot cryptocurrency exchange, their impact becomes almost invisible.
This table clearly shows that institutional accumulation can continue even during price stagnation and that individual investors often remain unaware until transactions are completed.
Critics argue that MicroStrategy's strategy plays more on perception than impact. Some claim that the company is not trying to move the price directly with such announcements; rather, it aims to create bullish investor sentiment.
The lack of an immediate price reaction also triggers claims that headline purchases may not be as effective as believed.
Discussions coincide with a period of peak sensitivity. The Bitcoin price broke suddenly today after a week of stagnation — but behind this are not MicroStrategy; rather, it is whale accumulations, short liquidations, and regulatory developments.
This difference highlights an important reality once again: the visible price movements often reflect the order flow at the end of the process; not the actual purchase itself.
