The amount of bitcoin held in addresses linked to over-the-counter (OTC) desks, which is often seen as an indicator of institutional activity, has dropped to its lowest level since June 15. However, this measure is subject to labeling errors and can be interpreted differently. The OTC desk balance currently stands at 5,138 BTC, worth approximately $150 million at the current market price of $29,225.
This is a 33% decrease from the one-year high of 7,697 BTC at the end of June, according to data from Glassnode. While some analysts have associated changes in OTC desk balances with miners' intentions, it is risky to draw definite conclusions as the balances are exposed to address-labeling issues and do not reflect whether the desk is accumulating or liquidating coins on behalf of clients.
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