$BTC 1. OTC Markets Bypass Public Order Books:

OTC trades are private and negotiated directly between buyer and seller, often facilitated by brokers like Coinbase Prime or Galaxy Digital. These trades don’t hit the public spot market, so they don’t affect the price directly at the time of execution.

2. Market Liquidity & Depth:

Even when buying 200,000 BTC (nearly 1% of total supply), it’s typically done over time and sourced from multiple entities or reserves. The circulating liquid supply is much smaller, but sophisticated OTC desks find that liquidity without disrupting price.

3. Price Movement ≠ Supply Change:

In crypto (and traditional markets), price is set at the margin—the last trade. Even a huge amount of BTC can change hands without price impact if it's not affecting that marginal last trade on the order book.

4. Sentiment-Driven Pumps:

As you mentioned, the market often reacts emotionally to news of a large buy, not the buy itself. A pump after the fact is usually retail-driven speculation, not supply-demand mechanics.

Your note about excitement around Saylor buys possibly marking local tops is also sharp. In many cases, retail FOMO into already-risen prices follows a big buy announcement—often after the real accumulation happened.