The top crypto asset Bitcoin has recently witnessed a huge development in terms of transfers. As per the popular on-chain analytics provider CryptoQuant, the biggest crypto token has seen a year-high number of transfers other than the crypto exchanges. This development is quite interesting as the ratio of fund flow concerning the crypto exchanges is reportedly hitting the year-low.
Bitcoin Transfers Touch the Year-High Other Than Exchanges, Says CryptoQuant
Ki Young Ju, a famous analyst on CryptoQuant discussed the respective market scenario on its official X account. Keeping in view that the transfers do not belong to exchanges, the analyst made a speculation. As per the analyst, something unusual is going on. In this respect, he pointed toward the possibility of over-the-counter (OTC) deals. Ki Young Ju moved on to discuss the historical background of this situation.
Source: CryptoQuant
The analyst asserted that a similar event took place back in the year 2019’s February. According to the analyst, that was the time when the over-the-counter volume went through a significant surge. To justify his stance, the analyst also shared the charts of both times for comparison. Hence, the analyst claimed that the current sentiment of the Bitcoin market is indicating a resilient bullish signal.
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In addition to this, the analyst also revealed another instance to reinforce his point of view. For this purpose, the analyst shared a statement that Microstrategy had made on the 16th of September in 2020. The platform disclosed that it accomplished the acquisition of up to 16,796 more BTC coins in 2020 on 14th September. It reportedly acquired those tokens at an aggregate price of nearly $175M.
The Analyst Speculates the Possibility of OTC Deals As Reportedly Occurred in 2020
The company added that, to that date, it had bought a cumulative 38,250 BTC tokens. According to Microstrategy, the aggregate price of the respective tokens equals almost $425 million. Along with that, the analyst also highlighted the on-chain statistics to focus on the OTC deals. Ki Young Ju clarified in one of his X posts that the on-chain data assists in seeing the over-the-counter deals.
The respective instance reportedly confirms his speculation regarding the current performance of Bitcoin. While discussing this, he pointed out Michael Saylor’s statement on X. The prominent American entrepreneur shared a similar post on the 17th of September, announcing the acquisition of 21,454 Bitcoin. It carried out that purchase via off-chain transfers.