We are seeing a price drop despite of lower supply in exchanges reserve. What if:
- Whales buy BTC via OTC leaving the price unaffected.
- Whales transfer BTC to exchanges then dump them.
- Whales profit from short in futures.
- Rinse and repeat.
If whales do the above, wouldn't the price of BTC keep falling like no tomorrow? Isn't OTC purchase of BTC decoupling price with the supply?
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