CryptoQuant: The number of Bitcoins held by over-the-counter trading desks has reached 368,000, a new high since June 2022

2024-08-22 19:56:17

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ChainCatcher news, according to CoinDesk, CryptoQuant data shows that the amount of Bitcoin held by over-the-counter (OTC) desks has surged to 368,000 coins, worth over $22 billion, reaching a new high since June 2022. In the past three months, the Bitcoin holdings at OTC desks have increased by 153,000 coins.

CryptoQuant points out that miners typically sell Bitcoin through OTC trades to avoid impacting market prices. The significant increase in OTC balances may suggest that miners are engaging in large-scale sell-offs. Historical data indicates that an increase in OTC desk Bitcoin balances is often associated with a decline in Bitcoin prices. Institutions and large traders tend to trade through OTC to minimize their impact on market prices.

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