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Crypto OTC Desks Now Hold Over $22B in Bitcoin: CryptoQuant
Miners often turn to OTC deals to sell bitcoin, CryptoQuant noted.
- The number of BTC held in wallets tied to over-the-counter (OTC) desks has surged to 368,000 BTC, the highest since June 2022, according to CryptoQuant.
- Miners often turn to OTC deals to sell bitcoin.
Crypto over-the-counter (OTC) desks, which act as an intermediary between two trading parties without revealing information about the trade to the public, now hold 368,000 bitcoin {{BTC}} worth over $22 billion, according to data tracking firm CryptoQuant.
The tally has increased by 153,000 BTC in three months, reaching the highest since June 2022.
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Institutions and high-volume traders prefer to transact through OTC desks or outside exchange order books to avoid impacting the asset's going market rate. Hence, the activity in OTC desks is said to reflect the behavior of sophisticated market participants, including miners or those responsible for making BTC.
"Miners often turn to OTC deals to sell bitcoin, seeking better execution without impacting the market price as they might on exchanges. The substantial rise in OTC desk balances suggests significant selling activity among miners," CryptoQuant said in a blog post.
"Historically, increases in bitcoin OTC desk balances have been associated with declines in bitcoin prices," CryptoQuant added.
Bitcoin was trading at $61,350 at press time.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Ano ang dapat malaman:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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