ChainCatcher reported that according to CoinDesk, according to CryptoQuant data, the total amount of bitcoins in the over-the-counter market exceeded 410,000, the highest level since May 2022, and more than double the 185,000 in March.

Balances indicate the amount of liquidity available for purchase or sale at an OTC desk. A high balance indicates strong liquidity and the desk is able to complete large orders. A low balance, on the other hand, may indicate a high degree of difficulty in trading. OTC clients are primarily high net worth individuals or institutions outside of retail trading platforms. OTC allows for large volumes of buying and selling without affecting the price of Bitcoin on CEX.

Data shows that OTC balances have risen sharply over the past six months, while Bitcoin has been trending downward from its all-time high of $73,500 in March. The rise in balances is quite similar to what happened in late 2020 and early 2021, when OTC balances soared from 235,000 tokens to 435,000 tokens in six months. The difference is that the price of Bitcoin was rising at the time, but it is now slightly down.