The Bitcoin community is divided over MicroStrategy's latest purchase of 10,000 BTC without leaving a mark on the price – examining OTC liquidity and market structures
Andrew Taten post, where he questions why MicroStrategy's purchase of approximately 10,000 BTC did not affect the price of Bitcoin, has sparked widespread discussion in the crypto community. The discussion once again raises the persistent confusion among private investors: how can such large purchases occur without being reflected in the market?
The community discussion reveals misunderstandings about the depth of the Bitcoin OTC markets
Andrew Tate's discussion emerged just days after MicroStrategy added over 10,600 BTC — nearly a billion-dollar purchase — increasing the company's total holdings to over 660,000 coins.
Despite the size of the trading, Bitcoin's price moved only slightly and remained between $88,000 and $92,000 before it rose again today.
Several industry players reminded that large institutional purchases do not usually occur through the order books of spot markets. They are typically directed through OTC desks where buyers and sellers meet outside of the exchange.
When these trades do not go through public liquidity pools, they do not cause slippage and do not leave an immediate trace on candles, charts, or price indices.
This means that billion-dollar purchases can be executed quietly by placing coins through miners, early wallets, market makers, and sellers suffering from selling pressure without the price reacting upwards.
Only when OTC inventories do not meet demand do buyers have to turn to spot exchanges — and that is when prices react. MicroStrategy's ability to move coins privately reflects the depth of Bitcoin's liquidity with current supply data.
The movement of Bitcoin's price depends less on size, more on the execution route.
Several analysts remind us that MicroStrategy's purchases may seem large, but are only a small part of the active supply.
A purchase of 10,000 BTC is still only about 0.05% of the total circulating supply. When purchases are made through negotiated block trades rather than public order books, the impact remains nearly invisible.
This indicates that corporate accumulation can continue even in sideways markets, and the retail investor may not notice it until the trades settle.
Critics, on the other hand, argue that MicroStrategy's strategy is based more on perception than on actual impact. Some see the company’s public statements as an attempt to create a bullish sentiment, not necessarily to move the price directly.
The lack of immediate price reaction fuels speculation that headline-level purchases do not impact the market as much as investors assume.
The discussion takes place at a moment when sensitivity is high. The markets rose today after a prolonged week of stability — now the rise is driven by whale accumulation, short liquidations, and regulatory reforms, not MicroStrategy.
This contrast highlights one key lesson: visible price changes often reflect late-stage order flow, not the original purchase.
