- The number of BTC held in wallets tied to over-the-counter (OTC) desks has surged to 368,000 BTC, the highest since June 2022, according to CryptoQuant.Miners often turn to OTC deals to sell bitcoin.
As a seasoned analyst with over two decades of experience in the financial markets, I find this surge in Bitcoin held by OTC desks quite intriguing. The rise from 215,000 BTC to 368,000 BTC in just three months is certainly noteworthy, especially considering it’s the highest since June 2022.Approximately $22 billion worth of Bitcoin (BTC), or roughly 368,000 coins, are currently being held by cryptocurrency over-the-counter desks. These platforms serve as intermediaries for two trading parties, while maintaining confidentiality about the trades and keeping the details hidden from public view, according to data provided by CryptoQuant.
The tally has increased by 153,000 BTC in three months, reaching the highest since June 2022.
Established entities and large-scale traders often choose to execute trades via Over-The-Counter (OTC) desks rather than through exchange platforms’ order books to minimize their influence on an asset’s current market value. Consequently, the activity that takes place in OTC desks is believed to showcase the trading patterns of experienced market players, such as Bitcoin miners or those responsible for managing BTC.
As an analyst, I’ve observed that miners frequently resort to Over-the-Counter (OTC) transactions to offload their bitcoin. This strategy allows them to achieve more favorable execution without causing a market price fluctuation, which is often the case on exchanges. Notably, the marked increase in OTC desk balances indicates substantial selling activity from miners, according to CryptoQuant’s latest blog post.
Historically, an increase in the holdings at Bitcoin Over-The-Counter (OTC) desks has often coincided with a decrease in Bitcoin’s market price, according to CryptoQuant.
Bitcoin was trading at $61,350 at press time.
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2024-08-22 14:59