Digital currency markets posted gains again, breaking lows seen a few weeks ago. This week, crypto traders discussed over-the-counter (OTC) offices bubbling up with demand for bitcoin as the co-founder of 21st Paradigm explained, “Wealthy People [and] institutions want your bitcoin.
Analyst Says Big Market Players ‘Want Your Bitcoin’
Most traders use decentralized exchange platforms (dex) or centralized exchange operations (cex) to acquire bitcoin (BTC) and a myriad of other digital currencies. However, high net worth individuals and institutions generally do not use dex or cex applications, as they choose to trade through over-the-counter (OTC) trading desks. OTC trading or over-the-counter trading is a negotiation between two parties directly and usually with the help of the representative of the OTC office. Unlike the transactions that take place on the cex or dex platforms, these transactions are not recorded in the order books. However, transfers from OTC crypto offices can be recorded.
Two days ago, the co-founder of consultancy firm 21st Paradigm, Dylan le clair, tweeted on some big OTC transfers last week sharing a chart from Glassnode Analytics. “Large volumes of transfers from OTC offices over the past week,” LeClair said at the time. “High net worth individuals [and] institutions want your bitcoin, ”he added. Another person agreed with LeClair and said “Yes”, because the person, Will Clement, shared a tweet on July 22 that showed a similar trend.
“OTC Outflow RSI showing strongest BTC buy signal since July of last year,” Analyst Will Clemente noted to its 158,000 followers on Twitter. “This indicates purchases from high net worth institutions / individuals,” he added. A number of other marketers discussing the topic on Twitter agree with the OTC demand assessment and the social media platform is strewn with threads discuss the topic. An individual tweeted:
Don’t give smart money your BTC (or ETH) …
Notable Market Changes During Morning Trading Sessions In China
A number of other important ‘whale-like’ buying patterns have been noticed by bitcoiners observe different metrics. As bitcoin has risen, traders also suspect that China may be buying bitcoin. According to Trustnode’s research, there have been some noticeable changes in the early morning market in China.
Meanwhile, over the past 24 hours, bitcoin (BTC) has consolidated just above the $ 41,000 handle and only moved + 0.10% on Sunday August 1. However, BTC is still up 17% against the US dollar over the past week and 30 Daily statistics show BTC has gained over 22%. Bitcoin had managed to break through the $ 42,000 grip at $ 42,615 per unit, but failed to maintain above the $ 42,000 area for long periods of time.
What do you think about the assessment of the demand for OTC bitcoin by traders and analysts on social media? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Tradingview, Twitter, Will Clemente
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