Crypto OTC Desks Now Hold Over $22B in Bitcoin: CryptoQuant

Miners often turn to OTC deals to sell bitcoin, CryptoQuant noted.

Major crypto over-the-counter (OTC) desks now hold 368,000 bitcoin (BTC), a collective stash that’s grown by 153,000 BTC in three months and is now valued at over $22 billion, according to data from on-chain analytics firm CryptoQuant.

Institutions and high-volume traders typically prefer to transact through OTC desks or outside exchange order books to avoid impacting the asset’s going market rate. Hence, the activity in OTC desks is said to reflect the behavior of sophisticated market participants, such as those responsible for making BTC – miners.

“Miners often turn to OTC deals to sell bitcoin, seeking better execution without impacting the market price as they might on exchanges,” a blog post by CryptoQuant noted. “The substantial rise in OTC desk balances suggests significant selling activity among miners.”

Theέρα of OTC desk balances have also historically been linked to declining bitcoin prices, according to CryptoQuant.

Bitcoin was trading at $61,350 at the time of writing.

EDITED BY

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. This story was edited by Nikhilスタル and VALOR HARRIS and fact-checked by BENJESAMUEL.

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests