OverThe counter desks are holding 416,000 bitcoins worth $30 billion. This is the same level as it has been for the past month.
- Sophisticated Over-the-counter trading desks are used by investors and high net-worth individuals to execute trades, without affecting the spot market price.
- In In the last five months, OTC Desks have seen an increase of over 200,000 BTC. It is one of highest levels recorded in the recent years.
As Bitcoin (BTC) is nearing a new record high. It appears that sophisticated investors are taking steps in order to trade without influencing price on the spot market.
At As of noon, the current value is $72,300 EuropeThe largest cryptocurrency in terms of market value is only 2% less than the record of $73,798 set in MarchCoinDesk Indices data. Bitcoin The stock market has risen by about 14% in the last month, making it the biggest monthly gain since March.
According to CryptoQuant, a remarkable feature of the recent bitcoin run is the fact that over-the counter (OTC) tables, which allow two parties trade directly without disclosing any information to the larger market, now have 416,000 BTC ($30billion), compared to an average of less 200,000 BTC in the first quarter.
OTC desks can be used by high-net-worth individuals or institutions who want to avoid their transactions appearing on the order books of crypto exchanges. This allows them transact large amounts without affecting price. The Growing flow to OTC Desks is one of the reasons why the bitcoin price has trended in a sideways channel over the past 7 months.
With The exchange-traded fund (ETF) U.S. listed on spot could buy bitcoin without affecting spot price.
Even Tuesday’s Record daily purchases By the bitcoin ETFs represents just 2% the total bitcoin balance at OTC desks. During In the first three months, when bitcoin posted an all-time record shortly after ETFs received approval from the regulatory authorities, the inventory share ranged between 9 and 12%.
The Since the beginning of the year, however, total OTC desk balance has remained fairly stable. September. The A 30-day change of only 3,000 BTC is down from a June High of 92,000 BTC. During The pent up demand led to the negative 30-day change of OTC desk balances in the first three months, which helped propel this asset to its all-time high.
For In order for bitcoin to increase this cycle, daily flows into OTC desks should start to decrease, as observed currently. Daily Inflows to OTC desks have fallen to their lowest levels in this year. CryptoQuant notes the decline in OTC desks. OctoberOTC desks averaged 90,000 bitcoins, a 52% reduction compared to the first three quarters.
If The demand for BTC is expected to continue accelerating despite low inflows at OTC desks. This could push bitcoin to new heights.
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