Bitcoin
Bitcoin surge on OTC tables potentially marks a local spike
Quick take
O recent stagnation in Bitcoin price was accompanied by a significant influx of Bitcoin (BTC) onto over-the-counter (OTC) trading desks, a trend that has historically signaled the approach of local tops and bottoms.
According to data from CriptoQuantshared by the Head of Research Julio MorenoThe amount of BTC on OTC desks currently stands at 205,000 BTC, a level not seen since the aftermath of the FTX collapse in November 2022. In the last 30 days alone, approximately 43,000 BTC have been transferred to these desks, marking the largest monthly inflow since May 2022, when BTC hit a low of $15,000 following the implosion of the Terra/LUNA ecosystem.
This pattern is reminiscent of the bull run that peaked in early 2021. During this period, the OTC desk balance increased from 220,000 BTC in December 2020 to a high of 420,000 BTC in May 2021 as the Institutional investors sought to profit from their profits, ultimately. marking the top of the 2021 market cycle.
With Bitcoin falling back more than 20% of your all time high In March, the current increase in OTC counter balances could signal that a local spike has occurred, at least in the short term.