Or at least, none of them mark any special rate to buy BTC, usually, they purchasing on spot market prices. Institution-level investors want to stack bitcoin, so first, they are set an amount in USD, and they get what they get. It sounds strange because we are talking about tens or hundreds of millions of dollars, but big buyers don’t watch prices so close, as we think.
When someone planned in the long term, and this budget, simply can’t wait or think so much. There is no perfect buying time, only in theory. When they want to allocate money into bitcoin, they want it immediately.