CryptoQuant: OTC counters hold 368,000 bitcoins, highest since June 2022

The number of bitcoins held on cryptocurrency over-the-counter (OTC) counters has soared to 368,000, valued at more than $22 billion, the highest since June 2022, according to CryptoQuant data, CoinDesk reports. Over the past three months, OTC counter bitcoin holdings have increased by 153,000 units.

CryptoQuant notes that miners often sell bitcoin through OTC transactions to avoid affecting the market price, and the significant increase in OTC balances may suggest that miners are engaged in a large-scale sell-off. Historical data suggests that an increase in OTC bitcoin balances tends to correlate with a decline in the bitcoin price. Institutions and large traders tend to trade OTC to minimize their impact on the market price.