According to CryptoQuant CEO Ki Young-Ju, over-the-counter (OTC) Bitcoin (BTC) deals might be occurring in a way that is similar to the pattern seen in February 2019. According to the on-chain analyst, this is historically a bullish sign but Ki Young-Ju cautious that the pattern is not ‘absolute’ and should not be relied on in isolation.
Ki also noted that the number of Bitcoin transfers achieved a new yearly high and that these transactions didn’t come from exchanges. Based on two on-chain metrics, he explained it could be a resurgence of OTC volume. He said: