Change in 30-day OTC Bitcoin desk balances fall to lowest level since August
The increase in Bitcoin OTC desk balances has stabilized as ETF inflows surge, suggesting a potentially pivotal moment for Bitcoin. Further, recent CryptoQuant data indicates a decline in the 30-day change in total Bitcoin held by Over-The-Counter (OTC) desks. The last time the 30-day change in OTC balances fell to this level was at the start of August.
In 2024, Bitcoins price has traded within a strong channel between $42,500 and $72,500. During the first five months, OTC Bitcoin balances remained stable at around 200,000 BTC. In June, a significant increase had occurred by mid-July, peaking alongside heightened price volatility between $67,000 and $57,000.
Starting in early August, OTC balances stabilized as the 30-day balance changes decreased. By September, OTC balances had continued to increase to over 400,000 BTC, while Bitcoins price showed signs of recovery, trending upwards.
The continued increase in OTC desk balances amid rising ETF inflows suggests a strong desire for the digital asset, potentially tightening supply post-halving.
However, in August, when the 30-day change reversed upward, the Bitcoin price fell from $67,000 to $57,000 before swiftly recovering to $61,000.
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Text source: CryptoSlate
