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Onchain Highlights
DEFINITION: Bitcoin OTC desk wallets hold large amounts of Bitcoin for private, off-exchange transactions between institutional and high-net-worth investors.
Bitcoin’s over-the-counter (OTC) desk balances have notably increased in 2024. A significant amount of Bitcoin has been added to OTC desks over the past few months, signaling a shift towards distribution rather than accumulation.
This behavior mirrors the trends seen in the second half of 2021 when Bitcoin’s price was elevated but faced increased distribution, eventually leading to a price correction in 2022. Approximately 370,000 BTC are currently held on OTC desk balances, marking a 60,000 BTC increase over the past 30 days.
The recent increase in OTC balances could indicate that large holders are offloading their positions, potentially exerting downward pressure on the market. The 30-day change in OTC balances, shown by the volatile pink line, highlights this distribution trend, with sharp increases often correlating with periods of high selling activity. Given the historical context, the current OTC balance trend might suggest a cautious outlook, with the potential for price volatility if the distribution continues at this pace.
