Part 4/12:
In reality, forensic blockchain analysis reveals that these coins did not flood the retail order books. Instead, the transfer was executed through off-exchange mechanisms—Over-the-Counter (OTC) desks. These specialized financial platforms facilitate large block trades directly between two parties, bypassing public exchanges altogether.
There are two primary types of OTC desks at this scale:
Principal desks like Cumberland and DRW act as wholesalers, directly buying large quantities with their own capital and then redistributing the Bitcoin later.
Agency desks like Falcon X act as matchmakers, sourcing buyers across a global network of institutions and sovereign wealth funds without risking their own capital.