OTC BTC Balance Hits Record High, Signaling Potential Price Drops
CryptoNewsTerminal Staff22 Aug, 2024
OTC BTC Balance Hits Record High, Signaling Potential Price Drops
Bitcoin's over-the-counter (OTC) desk wallets have reached their highest level since June 2022, with a balance of 368,000 BTC. This represents an increase of 153,000 BTC in the past three months, and is worth over $22 billion. According to CryptoQuant, OTC desk wallets are used by miners to sell their mined coins. Historically, an increase in Bitcoin OTC desk wallet balance has been linked to price drops. This suggests that the recent surge in OTC activity could be a sign that miners are preparing to sell their holdings, which could put downward pressure on the price of Bitcoin. However, it is important to note that this is just one factor that could influence the price of Bitcoin. Other factors, such as the overall market sentiment and regulatory developments, could also play a role.
