CandleFocus Bitcoin Approaches All-Time Highs as Daily OTC Desk Inflows Drop to Year's Lows: CryptoQuant
2024-10-30
Author: Content Editor
Sophisticated investors and high-net-worth individuals are increasingly using over-the-counter (OTC) desks to trade large quantities of bitcoin without impacting the spot market price. OTC desks have seen a significant rise in the past five months, with 416,000 BTC ($30 billion) currently held compared to an average of less than 200,000 BTC in the first quarter. This influx to OTC desks has contributed to a sideways trend in the bitcoin price. However, the total OTC desk balance has remained relatively stable since September. For bitcoin to reach new highs, daily inflows into OTC desks need to decrease, which has been observed recently as inflows have reached the lowest levels of the year. Low inflows combined with accelerating demand could propel bitcoin to new record levels.
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