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When the market becomes very large — like Bitcoin now — small or moderate buying (even by major strategies or ETFs) has little direct impact on the price, especially when the daily trading volume is in billions of dollars.
But...
Flex (showing off) also works as a psychological tool in the market. When a big strategy or fund buys BTC, it boosts people’s confidence. As a result, others start buying too — and sometimes, the price increases indirectly.