Bitcoin miners cut OTC holdings 72% – Assessing BTCs next move
Bitcoins miner-linked over-the-counter [OTC] balances continue shrinking. That means – fewer coins remain available for large private transactions. Since November 2021, holdings have dropped from 500,000 $BTC to 139,700 $BTC, a decline of nearly 72%. Miners drew down their inventory over time without meaningfully rebuilding it after the 2024 halving. Source: CryptoQuant As a result, OTC supply tightened while miner-to-exchange flows declined. Naturally, it suggested lower visible selling pressure on Bitcoin. Meanwhile, Bitcoin‘s [$BTC] price has advanced despite declining OTC inventories, highlighting stronger demand against a shrinking pool of available supply. Yet, if institutions and whales continue accumulating under these conditions, tighter liquidity could amplify Bitcoin’s upside sensitivity in the coming quarters. Bitcoin supply tightens beyond miner OTC desks The tightening supply picture extends beyond miner-linked OTC desks and is now visible across centralized exchanges. On the 20th of July, Bitcoin recorded $686 million in Exchange Netflows. By the way, Binance led with $570 million in net outflows, marking its largest withdrawal since April. Source: CryptoQuant Furthermore, Bybit contributed $65 million, Coinbase another $48 million, and HTX nearly $3 million. Ultimately, it meant there were coordinated withdrawals rather than isolated activity. As more $BTC leaves exchange wallets, the pool of coins readily available for spot-market selling continues to shrink. This trend