According to @MikeSilagadze, OTC token sales executed via market makers or brokers are economically equivalent to selling on the open market because the counterparty captures a discount and hedges by shorting perpetual futures during any lock-up period (source: @MikeSilagadze on X, Nov 24, 2025). He states this dynamic makes OTC deals slightly worse for price than direct spot selling, implying comparable or higher near-term sell pressure on the asset (source: @MikeSilagadze on X, Nov 24, 2025). Traders should treat OTC sale announcements as effective market supply due to hedge-driven perp shorts during lock-ups rather than isolated off-exchange transactions (source: @MikeSilagadze on X, Nov 24, 2025).