Bitcoin Miners Send Big To OTC Desks: More Pain Coming For BTC?
Summary
Bitcoin miners have been depositing large amounts of coins to over-the-counter (OTC) desks in the past three months, as indicated by on-chain data. This trend, historically bearish for Bitcoin, suggests that miners may be eager to sell their coins. The increased deposits to OTC desks, which facilitate discreet transactions, could be linked to the fourth Halving event in April 2022, which cut the Bitcoin block subsidy in half. This pattern has historically led to a decline in BTC price, and the current balance of miner OTC desks is at its highest level since June 2022. As of now, Bitcoin is trading around $61,300, up more than 4% over the last seven days.
