Markets for digital currencies have started gaining ground again, surpassing the lows we have seen so far in the last couple of weeks. “Some wealthy people with very high net worth [and] institutions want your bitcoin (BTC),” said the 21st Paradigm co-founder earlier this week, as many cryptocurrency traders discussed over-the-counter (OTC) desks bursting at the seams with high demand for pioneer cryptocurrency – bitcoin.
Big Crypto Market Players ‘Want Your Bitcoin,’ according to an analyst.
To purchase bitcoin (BTC) and a variety of many other cryptocurrencies, the majority of traders use either centralized exchange (CEX) operations or decentralized exchange (DEX) platforms. High-net-worth people and large organizations or institutions, on the other hand, rarely use DEX or CEX apps, preferring instead to trade through over-the-counter (OTC) trading desks. Buying and selling in a market between two parties directly, generally with the assistance of an OTC desk person, is known as over-the-counter (OTC) trading or sometimes also referred to as off-exchange trading. These kinds of trades while trading is not recorded or logged on order books, unlike other trades that are performed through CEX or DEX platforms. All transfers that take place from crypto OTC desks, on the other hand, may be tracked.
Dylan LeClair, who is the co-founder of the consultancy company 21st Paradigm, tweeted on Twitter about several big OTC transactions last week by providing an analytical chart from Glassnode eight days ago.
He stated that over Over the previous week, we have seen massive bitcoin transfer volumes via OTC Desks. In addition to that, LeClair also said: “High net worth individuals [and] institutions want your bitcoin.” Another person, Will Clemente, concurred with LeClair and tweeted “yesss” on the 22nd of July
To his over 158k followers on Twitter, analyst Will Clemente wrote that OTC Outflow RSI displaying the biggest BTC buy signal we have seen so far since last year July. He went on to say that this shows proof of purchase from institutions or high-net-worth people. A lot of other crypto traders on the platform (Twitter) who were discussing the topic concurred with the OTC demand forecast, and Twitter feeds were packed with conversations about the topic. One person wrote on Twitter that during China’s morning trading hours, there were significant market changes.
Bitcoiners watching various indicators discovered a number of additional ‘whale-like’ and huge purchase trends. While the concerned cryptocurrency “bitcoin” has been increasing in value, traders believe China is buying bitcoin.
According to Trustnode’s analysis, there have been some noteworthy market shifts in China within the early hours of the morning.
Whereas, bitcoin has stabilized slightly above the $41K level on Sunday, 1st of August, moving barely +0.10 percent. BTC, on the other hand, is still up 17 percent versus the US dollar in the previous week, with 30 days gain of almost 22 percent. Bitcoin was slightly able to break above the $42,000 barrier at $42,615 for a unit but was unable to stay above that level for long.
What are your thoughts on the analyst assessments on bitcoin OTC demand? Kindly let us know your thoughts on the matter in our comments box.