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 LeClairtweeted 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)…


Share this post:

Post comment

Your email address will not be published. Required fields are marked *