Crypto over-the-counter (OTC) desks, which facilitate high-volume transactions among buyers and sellers, currently hold 368,000 bitcoin (BTC), valued at a staggering $22 billion in current market prices. This marks the highest level seen since June 2022.<\/p>\n
A report<\/a> from on-chain analyst CryptoQuant revealed that the $22 billion in BTC was propelled by a notable 70% surge in balances in the past three months. Specifically, the number of bitcoins held in wallets tied to OTC desks rose from 215,000 BTC (approx. $13 billion) in June to 368,000 BTC ($22 billion) this month, CryptoQuant said. This represents an impressive addition of 153,000 BTC ($9.2 billion) during the three-month span.<\/p>\n OTC desk<\/a> acts as a matchmaker facilitating direct high-volume transactions between buyers and sellers without involving a public order book. These platforms help large investors place large orders discreetly and get them filled without severely impacting the market.<\/p>\n Among large investors, miners have been pointed out as a significant contributor to the growing bitcoin balance in OTC desks.<\/p>\n CryptoQuant noted that they often turn to OTC deals to sell their BTC, \u201cseeking better execution without impacting the market price as they might on exchanges.\u201d<\/p>\n The analytics platform added that the notable increase in OTC desk BTC balances indicates substantial selling activity among miners.<\/p>\n CryptoQuant pointed to a recurring trend associated with increased Bitcoin OTC desk balances. According to the report, a surge in Bitcoin OTC desk holdings often leads to a decline in the digital asset\u2019s price.<\/p>\n \u201cHistorically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,\u201d CryptoQuant wrote.<\/p>\n These might not be unsurprising, as substantial selling from large investors like miners often leads to short-term price weakness.<\/p>\n At the time of writing, BTC was exchanging hands at $60,747, a minor increase in the past 24 hours.<\/p>\n The post Bearish Signs? Highest Levels in 2 Years of BTC Held on Crypto OTC Desks Could Mean Trouble for Bitcoin<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Crypto over-the-counter (OTC) desks, which facilitate high-volume transactions among buyers and sellers, currently hold 368,000 bitcoin (BTC), valued at a staggering $22 billion in current market prices. This marks the highest level seen since June 2022. A report from on-chain analyst CryptoQuant revealed that the $22 billion in BTC was propelled by a notable 70% […]<\/p>\n","protected":false},"author":0,"featured_media":438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/437"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=437"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/438"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Miners Are the Major Contributors<\/h2>\n
A Recurring Trend<\/h2>\n