The Bitcoin Miner OTC reserves have soared to their highest since 2022, signaling potential selling pressure.
Historically, spikes in this metric have not always been favorable for Bitcoin’s price, and this trend appears to be continuing, as BTC has faced significant struggles in recent weeks.
However, historical analysis indicates that even with this strategy, Bitcoin’s price has struggled to avoid the impact of such substantial increases in the OTC reserve.OTC desk balances surged above 400,000 BTC, the price of Bitcoin was around $8,475. By December 2018, the price had declined by 63%, falling to $3,183.
Two months later, in January 2022, Bitcoin’s price had declined by 45%, dropping to $35,058. These historical examples highlight the significant impact that spikes in OTC balances can have on Bitcoin’s price.
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