Since the approval of Bitcoin ETF, institutional trading patterns have become significantly more important. This has actually changed many structures in on-chain data. In particular, after the ETF approval, OTC trading has emerged as a crucial source of buying liquidity for institutions. If this is truly the bottom and an accumulation opportunity, then from the institutions’ perspective, buying quietly through OTC would be the most effective method. However, OTC buying volume is not increasing at all which remains a very serious issue. With buying liquidity still absent, OTC selling pressure continues to flow into the exchanges. If you agree that many things have fundamentally changed since the ETF approval, then this is a trend that cannot be ignored.(mignolet)