LIVEšShocking: Bitcoin OTC Market Dries Up to 40 $BTC š„
Bitcoin's Over-the-Counter (OTC) desks are witnessing a drastic reduction in available $BTC , plummeting to a mere 40 at one point. This revelationš³, revealed by Caitlin Long, the CEO of Custodia Bank, sheds light on the potential upheaval in the crypto market dynamics, indicating a seismic shift that could redefine the future of BTC trading.
The crypto community was rocked by this disclosure that major OTC desks in New York had nearly no BTC available for sale. The OTC desks are almost completely dried up. There's hardly any BTC available to meet rising demand. The duo of BlackRock and Fidelity are moving size in ways crypto has never seen before.
This scarcity on OTC desks is not an isolated incident, as Glassnode, a leading blockchain data and analytics firm, reported that Bitcoins held by OTC desks are at their lowest level in five years.
The implications of this scarcity are profound. It hints at a potential supply shock in the Bitcoin market, driven by surging demand from institutional investors and major corporations. The decreasing availability on OTC desks could prompt a shift in price discovery from these desks to public exchanges, unveiling the true market price of Bitcoin in a more transparent manner.
The shortage on OTC desks also means that large investors and ETFs, like BlackRock and Fidelity, may no longer have the option to buy Bitcoin in bulk at a discount. This shift in dynamics could further elevate demand on public exchanges, potentially leading to significant price movements.
With institutional interest at an all-time high and OTC desks running out of coins, the Bitcoin market seems poised for unprecedented movements in the near future.
As of now, BTC is trading at $61,847, but with the looming halving event and heightened institutional interest, the stage is set for a dramatic chapter in the Bitcoin market's evolution.
