Bitcoin Approaches All-Time Highs as Daily OTC Desk Inflows Drop to Year's Lows
Bitcoin is nearing its all-time high, priced at around $72,300, just under 2% below its record of $73,798 set in March. This month, Bitcoin has experienced a surge of approximately 14%, its largest monthly gain since March. Over-the-counter (OTC) desks, which facilitate trades without impacting the market price, have increased their Bitcoin holdings to 416,000 BTC, worth about $30 billion. Inflows to these desks have significantly decreased, averaging 90,000 BTC in October, a 52% drop compared to earlier in the year. This reduced inflow may contribute to continual demand for Bitcoin, potentially driving prices higher if low inflows persist. As of now, the total balance of Bitcoin on OTC desks remains stable, despite fluctuations during the first quarter when ETF purchases drove prices up.
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