Over-the counter desks hold 416,00 bitcoin valued at around $30 billion. This is a level which has remained static for the past one 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 As the price of bitcoin (BTC), which is approaching a record, rises, sophisticated investors are taking steps to trade in a way that does not influence the price on the spot market.
At About $72,300 at noon 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.
CryptoQuant data shows that the over-the-counter desks (OTCs), which allow two parties trading directly to do so without disclosing the information to the market, currently hold 416,000 BTC (30 billion dollars) compared to averaging less than 200,000 BTC for 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 The bitcoin price has been moving in a sideways direction for the past seven month due to the growing flow of OTC desks.
With Exchange-traded funds in the United States could purchase bitcoins without affecting the spot rate, due to the abundance of bitcoins on OTC desks.
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 were granted regulatory approval, the inventory share ranged from 9% to 12%.
The The total OTC balance has remained relatively stable since the beginning. September. The The 30-day change is only 3,000 BTC. This is down from a June High of 92,000 BTC. During The pent-up demand in the first quarter led to a 30-day negative change in OTC Desk balances. This helped propel the asset up to its record high.
For To make bitcoin go higher in this cycle, the daily inflows to OTC desks must start to reduce, as they are currently. Daily Inflows into OTC Desks have fallen to the lowest levels of 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 Demand for BTC will continue to increase despite low OTC inflows. This could lead bitcoin to new highs.
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