𝐓𝐗𝐌𝐂|3月 13, 2026 14:58
This is wrong. An OTC desk is effectively an offline vendor of sorts. They put buyers and sellers together who want to move big size and there is no price oracle there. Everything is done at a spread to the spot price. The desks are often run by exchanges and they KNOW the large players because those entities have accounts there. That's how they find them. It is better for everyone for desks to match large buyers and sellers outside of the liquid books where traders and DCA folks put their limit orders, as often as possible, because the liquidity is not sufficient. There is no price discovery except when they have to pull supply from books on the margins. But what the ETFs have shown now for two full years is that there is AMPLE SUPPLY willing to be sold at modern prices. Onchain is a record of this happening. It is not a conspiracy. People just don't understand all the ways the market functions and expect everything to happen in the open. There is an entire ecosystem constructed for this purpose.(𝐓𝐗𝐌𝐂)
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