Bitcoin Miners Have Moved Large Amounts to OTC Desks Recently
💙 Summary:
🔹 Bitcoin miners have significantly increased their BTC transfers to OTC desks, which could signal a potential bearish trend for BTC. Over the past three months, the balance on OTC desks used by miners has increased by more than 70%, from 215,000 BTC in June to 368,000 BTC in August—an increase of 153,000 BTC. Historically, such moves have often preceded a decline in Bitcoin's price.
✅ Key Points:
🔹 Increased Trading: OTC desk balances have surged, reaching their highest level since June 2022.
🔹 Historical Trend: Similar patterns have led to Bitcoin price declines in the past.
🔹 Market Impact: The current consolidation phase may have put pressure on miners, especially after the April halving event.
💎 BTC Price: Currently trading around $61,300, up over 4% over the past week.
🔗 Source: Bitcoinist (https://bitcoinist.com/bitcoin-miners-send-big-to-otc-desks-more-pain-btc/)
