The exclusive market data reveals a crucial development regarding the over-the-counter desk balances of Bitcoin. CryptoQuant, a well-known analytics firm, has recently disclosed that Bitcoin’s over-the-counter desk balances have spiked to spots not witnessed in more than a couple of years, signifying an important trend in the BTC miners’ behavior. The analytics provider took to its official social media account to discuss the respective development.
Bitcoin OTC Desk Balances Elevate to a 2-Year High, Highlighting a Likely Price Downturn
In the latest post, EgyHash (a popular CryptoQuant analyst) noted that this development has wider implications for the crypto market. The OTC desk balances of the chief crypto token have reportedly surged by above seventy percent over the recent 3 months. Particularly, the respective balances elevated from just 215,000 BTC to a huge $368,000 BTC between June and August. This denotes a massive rise of up to 153,000 BTC.
Such a sheer spike in terms of OTC desk balances points toward an enormous spike in selling operations among BTC miners. Interestingly, these levels have not been seen since 2022’s June. This emphasizes the importance of the respective trend when it comes to the latest market performance of Bitcoin. OTC desks reportedly play a vital role in the overall crypto ecosystem, specifically for big-scale traders like miners.
The Uptake in OTC Desk Balances Signifies Offloading of BTC in Big Amounts by Miners
Dissimilar to normal exchanges, over-the-counter desks permit traders to conduct big transfers without directly influencing the market price. This provides a significant benefit to the miners who intend to liquidate the holdings thereof without any abrupt price fluctuations. The recent uptake concerning the OTC desk balances specifies that the Bitcoin miners are potentially offloading BTC in vast amounts.
This could be an indication of response to or caution regarding the present market conditions. Based on the historical data, BTC OTC desk balances reportedly have a close relationship with the dips in BTC prices. When large holders or miners shift BTC in significant numbers to OTC desks, selling pressure takes place in the market. According to the CryptoQuant analyst, the respective selling pressure can reportedly result in a decline in the price of Bitcoin.
