According to BlockBeats, on August 22, according to CoinDesk, CryptoQuant data showed that the number of bitcoins held by cryptocurrency over-the-counter (OTC) counters has soared to 368,000, worth more than US$22 billion, a new high since June 2022. Over the past three months, OTC counters have increased their bitcoin holdings by 153,000.
CryptoQuant noted that miners typically sell Bitcoin through OTC transactions to avoid affecting market prices. A significant increase in OTC balances could hint at a massive sell-off by miners. Historical data shows that increasing OTC counter Bitcoin balances tend to correlate with falling Bitcoin prices. Institutions and large traders tend to trade through OTC to reduce the impact on market prices.
