Quick Take
CryptoSlate reported on May 9 that an influx of Bitcoin was returning to over-the-counter (OTC) desks, potentially marking a local top.
Bitcoin topped out around $63,000 on May 10 but quickly retreated to just over $60,000. It did not reclaim the $63,000 level until May 13.
Despite this volatility, Bitcoin’s overall trend in May and June has been upwards. As of now, Bitcoin sits above $70,000, reflecting strong market sentiment. However, this rise coincides with a notable increase in Bitcoin balances on OTC desks.
Throughout May, the balance of Bitcoin on these desks grew from 190,000 to 220,000 — a 30,000 Bitcoin increase in just 30 days. This current balance matches levels last seen in April 2023, according to CryptoQuant data.
This is nearly a 50,000 Bitcoin increase from the lows observed in October 2023. Despite the withdrawal of coins from exchanges, the data indicates that as Bitcoin’s price rises, there will consistently be sellers willing to capitalize at the right price point.
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