Bitcoin Miners Retain OTC Reserves Amid Elevated Exchange Pressure
- The Bitcoin miner over-the-counter (OTC) balance is around 152.6K BTC, significantly lower than the peak of nearly 595K BTC in 2018.
- Miner exchange inflows have risen since Halving #4, maintaining an elevated regime into early autumn of the following year.
- Recent data shows a local pullback from recent peaks in exchange inflows, but not a confirmed downward trend.
- The current OTC reserve level remains within a narrow range, with more than a significant volume still available for off-exchange deals.
While Bitcoin miners have less sidelined inventory compared to previous cycles, they still hold substantial reserves to influence market dynamics through OTC channels. The ongoing elevated miner exchange inflows indicate persistent market pressure despite some moderation in recent weeks.
The report highlights that although the supply environment is tighter than before, it hasn’t reached scarcity levels as miners continue to direct a significant portion of freshly mined supply into the market. (Source)
