Bitcoin Approaches All-Time Highs as Daily OTC Desk Inflows Drop to Year's Lows: CryptoQuant
Bitcoin (BTC) is nearing a record high of $72,300, just 2% below its March peak of $73,798. The cryptocurrency has surged approximately 14% this month, marking its largest monthly gain since March. Over-the-counter (OTC) desks currently hold 416,000 BTC, valued at $30 billion, significantly higher than the average of less than 200,000 BTC in the first quarter. OTC desks facilitate large trades without impacting market prices, primarily used by institutions and high-net-worth individuals. Recent daily purchases by bitcoin exchange-traded funds (ETFs) account for only 2% of the total BTC on OTC desks. The balance on OTC desks has remained stable since September, with a slight decline in daily inflows to the lowest levels this year. If demand for BTC continues to rise amid low inflows, it could lead to new price highs.
