Quick Take
According to recent data from CryptoQuant, the balance of Bitcoin on over-the-counter (OTC) desks has surged, reaching 328,000 BTC—the highest level since June 2022. This rise follows a brief period of stagnation in early July, where the balance hovered around 300,000 BTC. In the past week alone, the balance has increased by approximately 30,000 BTC, coinciding with a decline in Bitcoin’s price to $49,000.
At the beginning of 2024, the OTC desk balance was significantly lower, at 180,000 BTC. Notably, in June 2022, amid a sharp Bitcoin price drop of around $20,000 due to the collapse of Luna, the OTC desk balance decreased from 430,000 BTC to 288,000 BTC as traders capitalized on the price dip. However, the current trend contrasts sharply, with balances increasing despite price declines.
The 30-day change in OTC desk balance shows an influx of 20,000 BTC, peaking at 90,000 BTC in early July—one of the highest 30-day increases since data collection began in 2017.
