The same buyer, the same date range, the same average price—yet the market came up with three different interpretations.
I’d rather see it as a demonstration of financing structure: using financial instruments to break volatility into manageable chunks, then gradually converting them into the assets they want.
The short-term impact of this kind of behavior on prices is overestimated, while its impact on who can survive to the end is underestimated.
When evaluating institutions, don’t focus on how much they buy. Focus on how they pay.
I’d rather see it as a demonstration of financing structure: using financial instruments to break volatility into manageable chunks, then gradually converting them into the assets they want.
The short-term impact of this kind of behavior on prices is overestimated, while its impact on who can survive to the end is underestimated.
When evaluating institutions, don’t focus on how much they buy. Focus on how they pay.
