Featured image created with DALLE, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The availability of Bitcoin (BTC) on Over-the-Counter (OTC) desks has sharply decreased, with reports suggesting that at one point, only about 40 BTC were available for sale. This news has significant implications for the market and could herald a new era in BTC trading dynamics. OTC Desks Had 40 Bitcoin Available On Wednesday Caitlin Long, the CEO and founder of Custodia Bank, provided an eye-opening account of the current state of the OTC Bitcoin market. Through a series of posts on X (formerly Twitter), Long noted, “The #HODLgang has mostly held\u2026I spent time in NYC over the past couple of days and it\u2019s clear why the Bitcoin price spiked this week: there was almost no BTC available for sale on the big OTC desks.” Related Reading: JPMorgan Analysts Predict Bitcoin Crash To $42,000 Post-Halving \u2013 What You Need To Know Echoing Long’s observations, Samuel Andrew, a noted figure in the crypto space, added, “OTC desks are nearly dried up. Very little Bitcoin available that’s easily accessible to meet demand. BlackRock and Fidelity are moving size in ways crypto has never seen before.” Long added: Only ~40 BTC were available for sale at any price at one point on Wednesday, I was told by a credible source\u2026 This scarcity of BTC on OTC desks is not an isolated incident but part of a broader trend indicating a significant shift in the market. Glassnode, a leading blockchain data and analytics firm, reported that Bitcoins held by OTC desks are at their lowest level in five years. Although Glassnode tracks only a portion of the OTC market, the data points to a clear trend of dwindling BTC availability. What This Means For BTC Price The implications of this trend are manifold. Firstly, it suggests a potential supply shock in the Bitcoin market, driven by increased demand from institutional investors and large corporations looking to add Bitcoin to their portfolios, as well as the introduction of spot Bitcoin ETFs. This supply shock could lead to a shift in price discovery from OTC desks to public exchanges, where the real market price of Bitcoin will be determined more transparently. Related Reading: Where Are We In This Bitcoin Cycle? Galaxy Lead Researcher Answers The shortage of Bitcoin on OTC desks also means that large investors and ETFs like BlackRock and Fidelity, who traditionally bought Bitcoin in bulk at a discount through these desks, may no longer have this option. This could further drive demand on public exchanges, potentially leading to significant price movements. Analysts are already speculating on the possible outcomes of this situation. Alessandro Ottaviani, a prominent analyst, suggested, “After today, god candles ($10k in the daily), before the halving are possible and realistic.” This sentiment was echoed by Francis Pouliot, CEO of Bull Bitcoin, who remarked on the self-correcting nature of the market: “OTC desks like http:\/\/BULLBITCOIN.COM never run out of Bitcoin. The price goes up, and people sell. If people don’t sell, the price goes up more.” Adam Back, a Bitcoin OG and cypherpunk, provided a bullish outlook, stating, “$100k by halving day. People starting to believe. Bears, leveraged shorts rekt, scared-off, profit take limit orders moved upwards or just deleted to wait-and-see; OTC desks out of coins, daily $500m \/ 10k BTC ETF buy walls. This can gap upwards fast. 51 days to go [until Halving].” In conclusion, the depletion of BTC supply on OTC desks marks a pivotal moment for the market. With the upcoming halving event in April and institutional interest at an all-time high, the stage is set for potentially unprecedented movements in the Bitcoin market. At press time, BTC traded at $61,903. Featured image created with DALLE, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":590871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,91769,91768,679,1119,1122],"class_list":["post-590856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-otc-desks","tag-bitcoin-otc-supply","tag-bitcoin-price","tag-btc","tag-btc-price"],"acf":[],"yoast_head":"\n
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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means","url":"http:\/\/wncen.com\/news\/bitcoin-otc-desks-dried-up-to-40-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-otc-desks-dried-up-to-40-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/e7be7a5a-43d2-4db5-89be-e4c5b899646b.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/e7be7a5a-43d2-4db5-89be-e4c5b899646b.jpg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin otc desks","bitcoin otc supply","bitcoin price","btc","btc price"],"dateCreated":"2024-03-01T09:20:46Z","datePublished":"2024-03-01T09:20:46Z","dateModified":"2024-06-11T07:57:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-otc-desks-dried-up-to-40-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-otc-desks-dried-up-to-40-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/e7be7a5a-43d2-4db5-89be-e4c5b899646b.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/e7be7a5a-43d2-4db5-89be-e4c5b899646b.jpg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin otc desks\",\"bitcoin otc supply\",\"bitcoin price\",\"btc\",\"btc price\"],\"dateCreated\":\"2024-03-01T09:20:46Z\",\"datePublished\":\"2024-03-01T09:20:46Z\",\"dateModified\":\"2024-06-11T07:57:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/e7be7a5a-43d2-4db5-89be-e4c5b899646b.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/590856"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=590856"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/590856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/590871"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=590856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=590856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=590856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-01_09-37-45.png?resize=3628%2C1673\")