[alwillis]

Bitcoin is the polar opposite of liquidity. Bitcoin markets are notoriously thin.

This hasn't been true for a while, especially lately, as tens of billions of dollars flows through bitcoin exchanges everyday.

[leppr]

It is still true. The latest buying by Microstrategy doubled the price (and more as more buyers piled on after the announcement), and they had to accumulate it over months.

That's how a fixed supply asset works, the price reacts to supply and demand, and sell-side liquidity dries up with expected increase in demand.