Bitcoin Miners Move 700,000 BTC to OTC Desks
Over the past three weeks, around 700,000 BTC have been transferred to over-the-counter (OTC) desks by miners, following the approval of a spot Bitcoin exchange-traded fund (ETF).
This indicates that miners may be preparing to sell or trade their BTC holdings, as they can use their significant BTC reserves to facilitate OTC trades for institutional investors.
This could lead to substantial transaction fees and favorable pricing conditions, especially before the anticipated Bitcoin halving in April.
The recent shift in miner behavior is also a result of an increased number of whales entering the market. The volume of UTXOs has increased, ranging between 1,000 to 10,000 BTC, more likely associated with whales or institutional investors.
Large Bitcoin entities’ holdings have reached a new all-time high since July 2022, rising from 3.694 million BTC in December 2022 to 3.964 million BTC, signaling a notable increase in demand for Bitcoin investments. Bitcoin is currently trading below $52,000 and has seen around 30% gains over the past month.
(With inputs from Shikha Singh)
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