Bearish Signs? Highest Levels in 2 Years of BTC Held on Crypto OTC Desks Could Mean Trouble for Bitcoin

Crypto Blog

Crypto over-the-counter desks, which facilitate high-volume transactions among buyers and sellers, currently hold 368,000 bitcoin , valued at a staggering $22 billion in current market prices. This marks the highest level seen since June 2022.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.

CryptoQuant noted that they often turn to OTC deals to sell their BTC, “seeking better execution without impacting the market price as they might on exchanges.”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’s price.

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