According to @TXMCtrades, a material share of Bitcoin (BTC) trading occurs away from exchange order books via off-chain settlement networks such as Copper ClearLoop and Fireblocks, keeping these transactions out of retail volume data and order-book prints, which is vastly underappreciated for market analysis; Source: @TXMCtrades on X. According to @TXMCtrades, these networks operate in a manner similar to OTC flows, allowing entities to swap large size without direct, immediate impact on exchange order books; Source: @TXMCtrades on X. According to @TXMCtrades, traders relying solely on on-exchange volume and order-book signals may underestimate actual BTC liquidity and large-player flow because significant off-exchange settlements reduce visible slippage and distort perceived market depth; Source: @TXMCtrades on X.