Fast Take
In line with latest knowledge from CryptoQuant, the steadiness of Bitcoin on over-the-counter (OTC) desks has surged, reaching 328,000 BTC—the very best degree since June 2022. This rise follows a short interval of stagnation in early July, the place the steadiness hovered round 300,000 BTC. Prior to now week alone, the steadiness has elevated by roughly 30,000 BTC, coinciding with a decline in Bitcoin’s value to $49,000.
Originally of 2024, the OTC desk steadiness was considerably decrease, at 180,000 BTC. Notably, in June 2022, amid a pointy Bitcoin value drop of round $20,000 because of the collapse of Luna, the OTC desk steadiness decreased from 430,000 BTC to 288,000 BTC as merchants capitalized on the worth dip. Nonetheless, the present pattern contrasts sharply, with balances rising regardless of value declines.
The 30-day change in OTC desk steadiness reveals an inflow of 20,000 BTC, peaking at 90,000 BTC in early July—one of many highest 30-day will increase since knowledge assortment started in 2017.
