If all of these recent market zones were truly “buy the fear” opportunities, then large players would likely be quietly accumulating Bitcoin through OTC markets. But that is not what we are seeing right now. In reality, aside from MSTR, OTC demand has largely dried up. And the important point is this: OTC markets are not only used by buyers. There are also participants who want to quietly sell large amounts without impacting the market. If there is not enough OTC buy-side demand to absorb that supply, the liquidity eventually has no choice but to move onto exchanges. And now, market makers are starting to deposit Bitcoin back onto exchanges again. To be honest, the current situation does not look healthy.(mignolet)