Like a toddler in a car seat on a long drive, last week the cryptocurrency market persistently asked the gnawing and annoying question, “Why?” Specifically, why did someone make a massive purchase of $1.6 billion worth of bitcoin on Wednesday in a couple of minutes? While many see this huge buy as a signal of bullishness, there may be more complex answers when one zooms out and looks at the overall picture, one that involves capital markets beyond the relatively small world of crypto. Some of the clues about why – and who – may be found in what, where,...