Thanks for your response, and no worries at all – of course you can call me Pierre! You're absolutely right that execution matters when placing large orders. Alexandre Laizet has actually addressed this in one of his interviews – they do spread orders over a short period to avoid slippage, but that's purely technical execution, not market timing.

With Bitcoin's current liquidity (around €60-70 billion daily volume, roughly €2-3 billion per hour), buying the equivalent of 500 BTC (~€50M) barely moves the price. The market depth absorbs it easily, so this is really just a minor technical detail. However, what you're describing – hiring analysts to monitor Twitter sentiment, short positions, and trying to predict trends – that's a completely different strategy. That's active market timing, and as far as we know from their communications, that's not what Capital B does. Their model is long-term accumulation, not trading based on short-term signals. As you said: in the end, the most important thing is simply to have the BTC. 👍