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Fast Take
In response to current knowledge from CryptoQuant, the stability of Bitcoin on over-the-counter (OTC) desks has surged, reaching 328,000 BTC—the best stage since June 2022. This rise follows a quick interval of stagnation in early July, the place the stability hovered round 300,000 BTC. Up to now week alone, the stability has elevated by roughly 30,000 BTC, coinciding with a decline in Bitcoin’s worth to $49,000.
At first of 2024, the OTC desk stability was considerably decrease, at 180,000 BTC. Notably, in June 2022, amid a pointy Bitcoin worth drop of round $20,000 because of the collapse of Luna, the OTC desk stability decreased from 430,000 BTC to 288,000 BTC as merchants capitalized on the worth dip. Nonetheless, the present development contrasts sharply, with balances rising regardless of worth declines.
The 30-day change in OTC desk stability exhibits an inflow of 20,000 BTC, peaking at 90,000 BTC in early July—one of many highest 30-day will increase since knowledge assortment started in 2017.
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