True demand for Bitcoin could be severely understated

By Vinny Lingham @ Vinnylingham.com

  • “My key point in this blog post is that exchange volume doesn’t represent true market based Bitcoin demand and supply. Traders are technically trading on only a portion of the deals being transacted”
  • The largest purchase I was able to uncover is around $50m on the OTC market and regular 8 figure purchases are now common. Given the scale of purchases this size, an order like this has to be filled using tranches. Brokers typically fill and price orders like this in 6,000–8,000 BTC tranches to prevent the market from pushing the price up”

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