The rising amount of Bitcoin OTC desk balances for miners indicates “significant selling activity” among miners.
The amount of Bitcoin that cryptocurrency miners have on hand to be sold has reached its highest level in over two years, and if history repeats, this may lead to Bitcoin’s price tumbling in the near term.
There have been several instances where high Bitcoin (BTC) miner OTC balances were followed by Bitcoin price drops of up to 63% within just a few months.
“Historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,” according to an Aug. 21 CryptoQuant report.
