The early morning price increase is likely to have been bought by MSTR.

The early morning price increase is likely to have been bought by MSTR.
Now, let me mention it because these traces have recently appeared for the third time.
After ETF approval, the coinbase premium (CPG) is directly linked to ETF net inflows. Specifically, it is most correlated with Fidelity (FBTC).

However, CPG premiums appear, and there have been three recent sections that have been net outflows or lower net inflows compared to premiums.

1. November 1st to November 2nd (dawn)

2. November 15th to November 16th (dawn)

3. And today

First, MSTR's purchasing method uses the Coinbase exchange directly, unlike BlackRock (IBIT), which has a direct impact on prices, as does Fidelity (FBTC). (photo 1)

However, institutions that usually use Coinbase also use Coinbase for custodian services, but unusually, MSTR uses Fidelity custodian.
When Bitcoin is moved to Fidelity Custody, we don't know exactly when we bought it.
So, through Saylor's announcement, we can know the timing of the purchase late.

I've only been estimating this pattern for a long time, but it became a little clearer after ETFs were approved.

In particular, I think it became clear during the section between November 15th and November 16th.

At the time, ETF funds showed a large net outflow (pictured No. 2) CPG data showed a buying advantage (pictured No. 3)

In other words, this move cannot take place unless huge funds, rather than ETF funds, intervene.

In fact, two days later, Saylor announced that it had bought Bitcoin at that price point, further raising the odds of this possibility. (photo 4)