Bitcoin News and Finance
Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand Skip to main content

Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand

Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand

Digital currency markets have been gathering gains again moving past the lows seen a few weeks ago. This week crypto traders have been discussing over-the-counter (OTC) desks bubbling with demand for bitcoin as the co-founder of 21st Paradigm explained, “high net worth individuals [and] institutions want your bitcoin.”

Analyst Says Big Market Players ‘Want Your Bitcoin’

Most traders either use decentralized exchange (dex) platforms or centralized exchange (cex) operations to acquire bitcoin (BTC) and a myriad of other digital currencies. However, high-net-worth individuals and institutions usually don’t leverage dex or cex applications, as they choose to trade via over-the-counter (OTC) trading desks. OTC trading or off-exchange trading is trading between two parties directly and usually with help from the OTC desk’s representative. In contrast to trades that take place on cex or dex platforms, these trades are not recorded on order books. Although, transfers from crypto OTC desks can be recorded.

Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand
Glassnode chart shared by the co-founder of the advisory firm 21st Paradigm, Dylan LeClair on July 29, 2021.

Two days ago, the co-founder of the advisory firm 21st Paradigm, Dylan LeClair, tweeted about some large OTC transfers last week by sharing a chart from Glassnode analytics. “Big transfer volumes from OTC Desks over the last week,” LeClair said at the time. “High net worth individuals [and] institutions want your bitcoin,” he added. Another individual agreed with LeClair and said “Yessssirr,” because the individual, Will Clemente, shared a tweet on July 22 that had shown a similar trend.

Analysts Discuss Bitcoin Over-the-Counter Desks Bubbling With BTC Demand
Tradingview chart shared by the crypto analyst Will Clemente on July 22, 2021.

“OTC Outflow RSI showing the strongest BTC buy signal since July of last year,” the analyst Will Clemente said to his 158,000 Twitter followers. “This indicates buying from institutions/high-net-worth individuals,” he added. A number of other traders discussing the subject on Twitter agreed with the OTC demand assessment and the social media platform is littered with threads discussing the subject. One individual tweeted:

Don’t give the smart money your BTC (or ETH)…

Noticeable Market Changes During China’s Morning Trading Sessions

A number of other ‘whale-like’ and large purchasing patterns were noticed by bitcoiners observing different metrics. While bitcoin has been rising, traders also suspect that China might be buying bitcoin. There have been a few noticeable market changes during the early morning hours in China, according to Trustnode’s research.

Meanwhile, during the last 24 hours bitcoin (BTC) has consolidated just above the $41K handle and has only moved +0.10% on Sunday, August 1. However, BTC is still up 17% against the U.S. dollar during the last week and 30-day stats show BTC has gained over 22%. Bitcoin had managed to jump above the $42K handle at $42,615 per unit, but has not been able to hold above the $42K zone for long periods of time.

What do you think about the bitcoin OTC demand assessment from traders and analysts on social media? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory