Are There Bearish Signs? Bitcoin Over-the-Counter (OTC) Trading Hits All-Time High

Trading desks, which facilitate high-volume transactions between buyers and sellers, currently hold around 368,000 Bitcoin (BTC), worth around $22 billion at current prices.

This is the highest level since June 2022.

A report from CryptoQuant revealed that this surge in the value of Bitcoin traded via OTC trading desks was the result of a significant 70% increase in the balances of these desks over the three months.

Specifically, the number of Bitcoins held in wallets linked to trading desks rose from 215,000 BTC (around $13 billion) in June to 368,000 BTC (around $22 billion) this month, indicating an increase of 153,000 BTC (around $9.2 billion) during this period.

These people often resort to using over-the-counter trading desks to sell large amounts of Bitcoin without directly affecting the market price, which would not happen if these transactions were made on public trading platforms. CryptoQuant explained that the increase in Bitcoin balances on over-the-counter trading desks may be an indication of heavy selling activity by miners, which reinforces the historical trend that such increases are often followed by declines in Bitcoin prices.