Bitcoin Miners Have Moved Large Amounts to OTC Desks Recently
đ Summary:
đč 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 Augustâan increase of 153,000 BTC. Historically, such moves have often preceded a decline in Bitcoin's price.
â Key Points:
đč Increased Trading: OTC desk balances have surged, reaching their highest level since June 2022.
đč Historical Trend: Similar patterns have led to Bitcoin price declines in the past.
đč Market Impact: The current consolidation phase may have put pressure on miners, especially after the April halving event.
đ BTC Price: Currently trading around $61,300, up over 4% over the past week.
đ Source: Bitcoinist (https://bitcoinist.com/bitcoin-miners-send-big-to-otc-desks-more-pain-btc/)
