PANews reported on August 22 that according to CoinDesk, according to data tracking company CryptoQuant, the cryptocurrency over-the-counter (OTC) counter acts as an intermediary between two trading parties and does not disclose transaction information to the public. It currently holds 368,000 bitcoins worth more than $22 billion. This figure has increased by 153,000 BTC in three months, reaching the highest level since June 2022.
Institutional and large traders tend to trade through OTC desks or exchange order books to avoid affecting the prevailing market rate of an asset. As a result, activity on OTC desks is said to reflect the behavior of sophisticated market participants, including crypto miners. "Miners often sell Bitcoin through OTC trading, seeking better execution without influencing the market price as they would on exchanges," CryptoQuant said in a blog post. "A large increase in OTC balances indicates active selling activity by miners." CryptoQuant added: "Historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices."
