Someone Bought $24.8B in Bitcoin OTC While Retail Panicked — and Nobody Noticed

[Alpen]

Friday's session ended with Bitcoin in a panic sell-off. Bears dragged the price down to $79,000, printing a Head-and-Shoulders reversal pattern on the chart. If the weekend closes with a break below the neckline, the drop could extend toward $75,000.



On-chain data, though, tells a completely different story. Friday saw an unusually large volume of Bitcoin purchases through the OTC market — $24.8 billion worth. That's 69% of all transactions, a share that normally flows through centralized exchanges, where 97% of all crypto selling came from short-term holders offloading their positions.



Someone very big wants to stay off the radar — buying up everything being dumped without moving the BTC price. And all of this is happening just as the White House is preparing to make a major announcement on Iran.

[JeffBrad12]

So institutional and people who "knows something" is already positioning? It does make a lot of sense considering Trump and Xi recent talks could be all about trying to open strait of hormuz.
However, the ETF daily inflow is sitting negative today. So, i'm not sure to take it as a bullish signal and act.

[Strongkored]

Who is this person? Could he be someone inside the White House who already knows what will happen in the near future?

Today, the price started to fall again and is already below $79,000, so a drop to $75,000 is likely in the near future, as usually when a decline begins to appear, retailers panic and sell to secure assets.

[Don Pedro Dinero]

Well, that tends to happen: whilst some people panic-sell, others take the opportunity to buy cheaply. As Buffet said:

Be fearful when others are greedy, and greedy when others are fearful.

Who is this person? Could he be someone inside the White House who already knows what will happen in the near future?

We’d love it if he were an insider who knew that the new Fed chair was going to announce interest rate cuts, or that the White House was finally going to announce that it had bought bitcoin – things like that. But I think it is wishful thinking. Too good to be true.

[pawel7777]

That's really interesting if true. What's the source of the OTC data?
I have my doubts about the reliability of such information, as I would imagine OTC transactions are not necessarily reported on live, and I'm sure some of the big buyers would prefer not to advertise their purchases to the world.
Could it be that some of the internal transfers within CEX can be incorrectly assumed to be OTC purchases?

[Ishicryptic]

Who is this person? Could he be someone inside the White House who already knows what will happen in the near future?

Today, the price started to fall again and is already below $79,000, so a drop to $75,000 is likely in the near future, as usually when a decline begins to appear, retailers panic and sell to secure assets.

I don't think that it really matters now whether the buyer is an insider from the white house or his intentions for the lump sum accumulation, our major concern now is what the impact will be on the market on the short term. If the dip sustains and gains a downturn then we will know that it's impact amongst other fundamentals have hit the market negatively. To support it I believe that weak hands will sell making a dump to become certain although we shouldn't worry because as soon as there is a massive buy backs we will come back to the where we were and know the way forward again.

[DanWalker]

That's really interesting if true. What's the source of the OTC data?
I have my doubts about the reliability of such information, as I would imagine OTC transactions are not necessarily reported on live, and I'm sure some of the big buyers would prefer not to advertise their purchases to the world.
Could it be that some of the internal transfers within CEX can be incorrectly assumed to be OTC purchases?

I have also tried searching, but there doesnt seem to be any information or sources that confirm the data the OP is referring to. Besides the fact that OTC trades are rarely disclosed, buying as much as $24.8 billion would be highly unusual because that trading volume is enormous.

If that news were true, it would have spread widely due to the sheer size of the transaction. But hardly anyone talks about this. So Im also quite skeptical about this information.

[Nwada001]

That's really interesting if true. What's the source of the OTC data?
I have my doubts about the reliability of such information, as I would imagine OTC transactions are not necessarily reported on live, and I'm sure some of the big buyers would prefer not to advertise their purchases to the world.
Could it be that some of the internal transfers within CEX can be incorrectly assumed to be OTC purchases?

I also question this a lot because this is supposed to be something that is done offline or however it is not directly recorded online. How do these data collectors do the linking to determine which movement was a purchase and which one belongs to a group that decided to move their coin into a more secured wallet?

[justdimin]

On-chain data, though, tells a completely different story. Friday saw an unusually large volume of Bitcoin purchases through the OTC market — $24.8 billion worth. That's 69% of all transactions, a share that normally flows through centralized exchanges, where 97% of all crypto selling came from short-term holders offloading their positions.

I never understood these, since it's OTC, are we 100% sure about these? I know that there are ways that people are seeing this and claiming that yes this is real, but since it's OTC, there has been always a doubt in my mind.

But even if we take this as reality, it's clear that it can't be a single company or person, because nobody puts 25 billion into bitcoin that quickly, there aren't that many companies which can even do this, and if any of them did, we would know about this. So, it's really not as big of a deal as we think. Anyhow, this must be a good news to bitcoin and I believe this may trigger other billionaires to consider abut bitcoin investments, literally praying for such things to happen recursively.

[YOSHIE]

Someone very big wants to stay off the radar — buying up everything being dumped without moving the BTC price. And all of this is happening just as the White House is preparing to make a major announcement on Iran.

If those who bought Bitcoin held it until the next halving, I speculate that person would be a Bitcoin billionaire by then.

I consider this person to be a genius at thinking about Bitcoin, he knows that the price of Bitcoin in the future will break new volumes, perhaps exceeding the previous price.

Indeed, being involved in the Bitcoin market is like that, we must act by monitoring market developments from now on and providing technical support.

[Johnlomape]

Friday's session ended with Bitcoin in a panic sell-off. Bears dragged the price down to $79,000, printing a Head-and-Shoulders reversal pattern on the chart. If the weekend closes with a break below the neckline, the drop could extend toward $75,000.



On-chain data, though, tells a completely different story. Friday saw an unusually large volume of Bitcoin purchases through the OTC market — $24.8 billion worth. That's 69% of all transactions, a share that normally flows through centralized exchanges, where 97% of all crypto selling came from short-term holders offloading their positions.



Someone very big wants to stay off the radar — buying up everything being dumped without moving the BTC price. And all of this is happening just as the White House is preparing to make a major announcement on Iran.

This can be an example of insider movement to dominate the market before anyone does. Those that are able to get signal of the market before the real news that will push price up will definitely make money from the crypto market.
If there will be a position news on Iran due to the visiting of the United States president and big companies CEOs to China, they could have  planned and talked about ending the war so that it doesn't lead to something serious that will involve other countries to join the war.

[Yamane_Keto]

Buying and selling from OTC markets does not directly affect the market, and $24.8 billion is not a small amount to buy without rumors appearing or investigations starting to drastically change the price of Bitcoin.