Despite bitcoin trading near all-time highs, more institutions continue to buy bitcoin, and they’re using over-the-counter (OTC) trading firms to keep their purchases from impacting the overall market.
Unlike retail investors or smaller institutions that use crypto exchanges, large institutions usually trade bitcoin through the OTC market, noted John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock. That way, their transactions won’t move prices the way they would had the investors used even the largest centralized exchanges.
One reason that’s the case is OTC transactions are also much more opaque compared with trades on exchanges. Without transparent data on OTC transactions, it is difficult to track or gauge this side of the crypto market.
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https://www.coindesk.com/institutions-over-the-counter-bitcoin-trades
