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More Pain On The Way?
The post More Pain On The Way? appeared on BitcoinEthereumNews.com. On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish. Bitcoin Miners Have Been Depositing Big To OTC Desks Recently As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks during the past three months. OTC desks are platforms that facilitate a direct transaction between individuals or institutions. Such selling and buying is more discreet than it is on centralized exchanges, so it can be hard to track who is trading on these platforms. The analytics firm CryptoQuant, however, has used on-chain data to identify certain addresses that are likely to be associated with OTC desks that miners like to use. These are the wallets that miners often transfer to and considering that miners generally move coins out of their reserve for selling, it would make sense the addresses that they send to would be connected to the sales somehow. Below is a chart that shows the trend in the balance of these probable miner “OTC desks” over the past decade. The value of the metric appears to have sharply gone up in recent months | Source: CryptoQuant As displayed in the above graph, the miner OTC desk balance had been at relatively low values earlier in the year, even after the cryptocurrency had rallied to its new all-time high (ATH). In the consolidation period that has followed since this ATH, however, miners have made significant transfers into these addresses. As the quant notes, Bitcoin OTC desk balances for miners have increased by more than 70% over the past three months, rising from 215,000 BTC in June to 368,000 BTC in August—an increase of 153,000 BTC. The metric hasn’t been at such a high level…
The post More Pain On The Way? appeared on BitcoinEthereumNews.com.
On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish. Bitcoin Miners Have Been Depositing Big To OTC Desks Recently As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks during the past three months. OTC desks are platforms that facilitate a direct transaction between individuals or institutions. Such selling and buying is more discreet than it is on centralized exchanges, so it can be hard to track who is trading on these platforms. The analytics firm CryptoQuant, however, has used on-chain data to identify certain addresses that are likely to be associated with OTC desks that miners like to use. These are the wallets that miners often transfer to and considering that miners generally move coins out of their reserve for selling, it would make sense the addresses that they send to would be connected to the sales somehow. Below is a chart that shows the trend in the balance of these probable miner “OTC desks” over the past decade. The value of the metric appears to have sharply gone up in recent months | Source: CryptoQuant As displayed in the above graph, the miner OTC desk balance had been at relatively low values earlier in the year, even after the cryptocurrency had rallied to its new all-time high (ATH). In the consolidation period that has followed since this ATH, however, miners have made significant transfers into these addresses. As the quant notes, Bitcoin OTC desk balances for miners have increased by more than 70% over the past three months, rising from 215,000 BTC in June to 368,000 BTC in August—an increase of 153,000 BTC. The metric hasn’t been at such a high level…
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