According to the source, a major Bitcoin buyer recorded its third smallest BTC purchase of 2025 on Oct 20, 2025, indicating a notably smaller ticket size than earlier 2025 buys reported by the same source. According to the source, the reduced size suggests less immediate spot absorption from treasury demand, lowering the probability of a short-term upside impulse versus larger prior purchases cited by the source. According to the source, traders should treat this as continued but lighter accumulation that can still support dips, while recognizing the single print is unlikely to materially tighten exchange liquidity absent broader catalysts.