The BTC holdings at OTC desks have dropped to a new low since June 15th.

Odaily News According to Glassnode data, the amount of Bitcoin held by addresses associated with OTC counters has dropped to its lowest level since June 15. As of Thursday, the total balance of BTC in OTC counters was 5,138 BTC (approximately $150 million at current prices), a 33% decrease from the year-high of 7,697 BTC reached at the end of June.

In the first half of this year, as the Bitcoin market price rose by 84%, this indicator skyrocketed by 156%. Some observers considered this to be a positive sign. In its June report, Ark Investment Management stated, "In our view, the increase in OTC counter balances indicates that institutions and other large capital allocation institutions are becoming more interested in Bitcoin."

However, the total balance of BTC in OTC counters is susceptible to errors in address labeling, and the balance itself does not reflect whether OTC counters are increasing holdings or clearing tokens on behalf of clients. "Crypto is Macro Now" author Noelle Acheson said, "The BTC accumulated by OTC counters may indicate that they are buying on behalf of clients, or it may mean that clients are transferring their BTC to OTC counters for sale." (CoinDesk)