Crypto: OTC BTC Balance Surges to Record High
CryptoNewsTerminal Staff22 Aug, 2024
Crypto: OTC BTC Balance Surges to Record High
CryptoQuant's recent analysis, covered by Coindesk, reveals a significant increase in Bitcoin (BTC) stored in over-the-counter (OTC) desk wallets. In the past three months alone, these wallets have accumulated an additional 153,000 BTC, pushing the total balance to a record-breaking 368,000 BTC, valued at over $22 billion. This surge stands as the highest level since June 2022, surpassing the previous peak. Historically, CryptoQuant notes that an increase in the OTC desk wallet balance has often coincided with price drops. The correlation is attributed to miners using these wallets to sell mined coins, potentially affecting the overall market dynamics. The implications of this record-high BTC storage in OTC desk wallets remain a topic of discussion and speculation among crypto enthusiasts and analysts. Some view it as a potential precursor to a market correction, while others emphasize the nuanced factors influencing price movements. The crypto landscape remains dynamic, and the coming days will reveal the impact of this significant OTC BTC accumulation.
