CryptoQuant data shows that the number of bitcoins held over the counter (OTC) has soared to 368,000, worth more than $22 billion, the highest since June 2022. Over the past three months, the number of bitcoins held over the counter has increased by 153,000.
CryptoQuant notes that miners typically sell Bitcoin through OTC transactions to avoid affecting the market price. A significant increase in OTC balances may suggest that miners are engaged in a large-scale sell-off. Historical data suggests that an increase in Bitcoin balances over the OTC counter tends to correlate with a decline in the price of Bitcoin. Institutions and large-value traders tend to trade through OTC to reduce their impact on the market price.
CryptoQuant: Bitcoin holdings over the counter hit new high since June 2022
2024-08-22 11:49:09
Cryptoquant data display crypto currency market off-trade otc over-the-counterdesk3cryptocurrencydesktopCrypto News
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