- Bitcoin OTC desk balance has experienced a large decline
- It went from approximately 480k BTC in September 2021 to 146k today
- The decline could have an effect on the BTC
There has been a substantial decrease in Bitcoin balances held by Over-The-Counter (OTC) desks.
Back in September 2021, these balances were approximately 480,000 BTC, but now, they have declined to 146,000 BTC, according to CryptoQuant. This sharp reduction points to substantial outflow of Bitcoin from OTC desks over the past few years.
Why OTC Desks Matter for Bitcoin Markets
OTC desks are like behind-the-scenes trading hubs that facilitate large-volume trades between parties, often used by institutional investors to execute major transactions without impacting the public market.
This trend could be a notable factor in the current market cycle.
Once OTC desks deplete their Bitcoin reserves, all buying activity will be executed exclusively through exchanges, potentially influencing BTC’s price dynamics by a large margin.
Related: BTC Could Easily Reach $150K As OTC Supply Nears Depletion – Analyst
Low OTC Bitcoin = Bullish Signal?
For instance, a decreasing OTC balance…
The post 480k to 146k: Bitcoin’s OTC Exodus and the Bull Market Debate appeared first on Coin Edition.
Coin Edition – Read More