A lot of big desks and their counterparties adjust inventory on daily rollups. 00:00-23:59 utc
So they trade otc throughout the day but they don’t settle until 00:00. So massive amounts move on high volume days when the rollup settlement happens
Mms work hard to avoid intraday whipsaw, but the 00:00 utc rollup forces all the day’s risk to settle at once, and that kind of bulk adjustment inevitably nudges the wider market whether anyone likes it or not
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