Trading desks, which facilitate large-volume transactions between buyers and sellers, currently hold around 368,000 Bitcoin (BTC), worth around $22 billion at current prices.
A report from CryptoQuant revealed that this surge in the value of Bitcoin traded via OTC trading desks was the result of a significant 70% increase in the balances of these desks over the past three months.
Specifically, the number of Bitcoins held in wallets linked to trading desks rose from 215,000 BTC (around $13 billion) in June to 368,000 BTC (around $22 billion) this month, marking an increase of 153,000 BTC (around $9.2 billion) during the period.
The report noted that Bitcoin miners were among the major contributors to this surge.
These people often resort to using over-the-counter trading desks to sell large amounts of Bitcoin without directly affecting the market price, which would not happen if these transactions were made on public trading platforms.
CryptoQuant explained that the increase in Bitcoin balances on over-the-counter trading desks may be an indication of heavy selling activity by miners, which reinforces the historical trend that such increases are often followed by declines in Bitcoin prices.
According to the report, there have been similar precedents where increases in Bitcoin holdings on trading desks led to a decline in the price of the digital currency, which is not surprising given that large selling by large investors, such as miners, usually leads to pressure on prices in the near term.
Currently, Bitcoin is trading at around $61,500, recording a slight increase in the past 24 hours.
