Bitcoin Miners Are Depositing Big To OTC Desks Recently
Recent data indicates that BTC miners have been transferring coins to over-the-counter (OTC) desks in the last quarter.
What Are OTC Desks?
- Platforms facilitating direct transactions between individuals or institutions
- Offers discreet selling and buying experience compared to centralized exchanges
CryptoQuant, an analytics firm, used on-chain data to pinpoint addresses linked to OTC desks preferred by miners. These addresses typically receive coins from miners, indicating potential sales.
Trending Miner “OTC Desks”
- Historical balance trends of probable miner “OTC desks” displayed in a chart
- Significant increase in OTC desk balances the past three months
- Balance surge from 215,000 BTC in June to 368,000 BTC in August
This surge in miner OTC desk balance has not been witnessed since June 2022. Such substantial deposits suggest miners are actively offloading their assets.
Impact on BTC Price
- Historical analysis shows similar patterns leading to BTC price decline
- Potential bearish impact on BTC price due to increased miner OTC desk activity
The recent uptick may result from the fourth Halving event that halved the Bitcoin block subsidy back in April this year. Miners delayed OTC desk transfers initially, but as market conditions evolved, they opted to sell off their assets.
If historical trends are any indication, BTC could potentially experience a bearish trend due to current miner behavior.
BTC Price Overview
Bitcoin is currently priced at around $61,300, showing a 4% increase over the past week.
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