The balances of Bitcoin held by Over-The-Counter (OTC) desks have significantly decreased, indicating a substantial outflow of Bitcoin from these private trading platforms. OTC desks are used by institutional investors for large-volume trades without impacting the public market. This trend suggests that all buying activity will be executed on exchanges, which could have a significant influence on Bitcoin's price dynamics. The decrease in OTC balances might imply increased accumulation by institutions or large investors, potentially leading to reduced selling pressure and a more bullish outlook for Bitcoin. Historical patterns indicate that sharp declines in OTC balances often precede major Bitcoin rallies. This decline in OTC balances could be an early signal of an upcoming price breakout. However, it is important to monitor other indicators to confirm if this marks the beginning of another bull cycle.



Other News from Today