TechFlow news, on August 22, according to Coindesk, CryptoQuant's latest report shows that the amount of Bitcoin held by cryptocurrency over-the-counter (OTC) desks has surged to 368,000 BTC, worth over $22 billion, marking a new high since June 2022. Over the past three months, OTC desks' Bitcoin holdings have increased by 153,000 BTC.
CryptoQuant noted that miners typically sell Bitcoin through OTC transactions to avoid impacting market prices. The significant rise in OTC balances may indicate large-scale selling by miners. Historical data suggests that increases in OTC Bitcoin balances often correlate with declines in Bitcoin's price. Institutions and large traders tend to use OTC channels to minimize market impact.
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