OTC Bitcoin Reserves Soar to Several-Year Peak: Implications for BTC’s Future?
50X Profit Confirmed With BRED Token, Convert your 100 usd to 5000 USD, Pre Sale Price Is $0.01 And Exchange Listing Price Is $0.50, This Is 50X Profit Opportunity, Don't Miss This Pre Sale, Join Now Pre Sale At Official Website, WWW.BREDTOKEN.XYZ
Bitcoin Miner OTC reserve has surged to its highest level, with miners adding 153,000 BTCs in the last three months.
Historically, spikes in the OTC reserve have negatively impacted Bitcoin’s price.
Bitcoin miners have significantly increased their OTC reserve in recent times. An analysis indicates a surge in the Bitcoin Miner OTC reserve to its highest level in years.
This trend has historically not been favorable for Bitcoin’s price, and this pattern seems to continue as Bitcoin faces struggles.
Data from CryptoQuant shows that the Bitcoin Miner OTC reserve is at its highest since 2022. Over the past three months, the reserve has seen a 70% increase. It rose from 215,000 BTC in June to 368,000 BTC in August, indicating a significant increase of 153,000 BTC.
Miners often use OTC sales to avoid triggering negative price reactions from large transactions. However, Bitcoin’s price has historically struggled to avoid the impact of such substantial increases in the OTC reserve.
After the Bitcoin Miner OTC desk balances spiked above 400,000 BTC in May 2018, Bitcoin’s price declined by 63% by December 2018.
A similar pattern was observed in November 2021 when the OTC desk balances reached an all-time high near 500,000 BTC. By January 2022, Bitcoin’s price had declined by 45%. These instances underline the significant impact that OTC balance spikes can have on Bitcoin’s price.
The recent increase in the OTC reserve may indicate potential selling pressure from miners, adding to the challenges in maintaining price stability.
The recent price volatility in the Bitcoin market has further amplified the spike in the miner OTC reserve.
#BTC #Bitcoin #CryptoNews #Altcoins #MtGoxRepayments $BTC $ETH $SOL
