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This on-chain movement could bring Bitcoin price down, analyst says - 1
Daily Cryptex - Crypto News, Articles and Insights > Crypto News > Bitcoin (BTC) > Analyst Predicts Bitcoin Dip Due to Major On-Chain Movement
Bitcoin (BTC)Crypto News

Analyst Predicts Bitcoin Dip Due to Major On-Chain Movement

Burhaan Al Amin
Last updated: August 22, 2024 9:09 am
Burhaan Al Amin Published August 22, 2024
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Bitcoin surpassed the $60,000 mark again as the broader market witnessed a recovery, but a key indicator shows the expectation of another price fall.

Bitcoin (BTC) surged by 2% in the past 24 hours and is trading at $60,800 at the time of writing. Its daily trading volume increased by 30%, reaching $34.8 billion. Bitcoin’s market cap is currently sitting at the $1.2 trillion border.

According to an X post by CryptoQuant, the surge comes as BTC over-the-counter desk balances for miners have increased by 71.2% over the past three months. Rising from 215,000 to 368,000 BTC, this is the first time since June 2022 that the BTC OTC desk balances surpass the 300,000 BTC mark.

Bitcoin OTC Desk Balances Soar to Two-Year Peak

“Historically, increases in #Bitcoin OTC desk balances have been associated with declines in Bitcoin prices.” – By @EgyHashX

Read more 👇https://t.co/N8sTmKsaPI pic.twitter.com/wp8MJGCSgl

— CryptoQuant.com (@cryptoquant_com) August 22, 2024

This movement usually happens when miners want to sell their holdings in OTC deals rather than on cryptocurrency exchanges. The chart shows the last three major spikes in OTC balances for miners have put significant selling pressure on Bitcoin and the crypto market.

An analyst under the alias @EgyHashX noted that "historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices." Data from Santiment indicates that Bitcoin held by miners increased by roughly 20,000 BTC over the past month, rising from 2.17 million to 2.19 million coins.


This on-chain movement could bring Bitcoin price down, analyst says - 1
BTC price, supply held by miners and exchange flow – Aug. 22 | Source: Santiment

On the other hand, market intelligence platforms show an increase in retail Bitcoin accumulation. Per Santiment, the asset’s exchange flow dropped from a net inflow of 6,783 BTC on Aug. 17 to a net outflow of 1,006 BTC on Aug. 22.

The chart also shows the number of coins sent to self-custodial wallets is currently higher than holders attempting to sell the asset.

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TAGGED:BitcoinMiningOTC

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