Most people assume #Bitcoin activity is defined by what shows up on exchange order books, but that’s far from true. A huge amount of trading happens off the visible market through settlement networks like Copper ClearLoop and Fireblocks, where institutions can move and swap large volumes privately.

It works almost like an upgraded form of OTC, letting big players rebalance or shift positions without creating price pressure or showing up in retail volume data. Because of this, the activity that traders see on exchanges is often only a small part of the real flow and the influence of these off-book networks is still massively underappreciated.