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Bitcoin Demand Rising Again
Bitcoin reached a record high this week before falling 13% a few days later. On Friday, December 20, BTC plummeted below $92,000.
Bitcoin fell sharply when the US Federal Reserve slashed rates, which also hurt other global markets. However, the leading cryptocurrency is recovering, hovering around $97,000.
Can Demand Raise BTC Above $100,000?
Market analytics platform CryptoQuant reported an intriguing on-chain Bitcoin supply-demand development on December 20. The blockchain business reports renewed investor interest in BTC.
The Total OTC Desk Balance shows Bitcoin held in Over-The-Counter (OTC) desk addresses. This indicator shows how much BTC huge investors and institutions can get.
CryptoQuant reports that OTC desk inventory has dropped by approximately 26,000 BTC in December, the highest monthly decrease of 2024. Since November 20, the balance has dropped 40,000 BTC.
The falling Total OTC Desk Balance is a positive sign of rising Bitcoin demand and declining supply. The open market's shrinking BTC supply may lead to huge price gains.
After demand growth lowered Over-The-Counter desk inventories, Bitcoin rose from $40,000 to $74,000 in the 2024 first quarter, according to CryptoQuant. Market information suggests the OTC desk's inventory is approaching first-quarter rally levels.
Since entering growth territory in late September, CryptoQuant data shows Bitcoin's apparent demand expanding at 228,000 BTC every month. The accumulation address balance is growing at a record 495,000 BTC every month.
#BTCNextMove #MarketPullback #MarketCorrectionBuyOrHODL? #ElSalvadorBTCReserve $BTC $ETH $XRP
Bitcoin reached a record high this week before falling 13% a few days later. On Friday, December 20, BTC plummeted below $92,000.
Bitcoin fell sharply when the US Federal Reserve slashed rates, which also hurt other global markets. However, the leading cryptocurrency is recovering, hovering around $97,000.
Can Demand Raise BTC Above $100,000?
Market analytics platform CryptoQuant reported an intriguing on-chain Bitcoin supply-demand development on December 20. The blockchain business reports renewed investor interest in BTC.
The Total OTC Desk Balance shows Bitcoin held in Over-The-Counter (OTC) desk addresses. This indicator shows how much BTC huge investors and institutions can get.
CryptoQuant reports that OTC desk inventory has dropped by approximately 26,000 BTC in December, the highest monthly decrease of 2024. Since November 20, the balance has dropped 40,000 BTC.
The falling Total OTC Desk Balance is a positive sign of rising Bitcoin demand and declining supply. The open market's shrinking BTC supply may lead to huge price gains.
After demand growth lowered Over-The-Counter desk inventories, Bitcoin rose from $40,000 to $74,000 in the 2024 first quarter, according to CryptoQuant. Market information suggests the OTC desk's inventory is approaching first-quarter rally levels.
Since entering growth territory in late September, CryptoQuant data shows Bitcoin's apparent demand expanding at 228,000 BTC every month. The accumulation address balance is growing at a record 495,000 BTC every month.
#BTCNextMove #MarketPullback #MarketCorrectionBuyOrHODL? #ElSalvadorBTCReserve $BTC $ETH $XRP
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