We never know the OTC transaction volume under the hood by institutional investors, but there are on-chain indicators to estimate OTC deals.
And based on these indicators, large OTC deals are still going on. Potentially that institutions are continuing to buy BTC.
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1/ Coinbase BTC outflows
It seems massive Coinbase BTC outflow usually goes to their new cold wallet for custody that held 6000-8000 BTC. If Coinbase moves a significant amount of Bitcoins to other cold wallets, it would indicate OTC deals.
Grayscale uses Genesis Trading for buying Bitcoins, and Genesis Trading uses Coinbase OTC desk. And Ruffer just confirmed they purchased BTC via Coinbase.
1/ Whales have been active on exchanges since $19k — High Exchange Whale Ratio and Exchange Inflow Mean.
2/ I think Asian-selling would start tmr morning. There have been significant inflows to Asian exchanges.
3/ Buying power looks dried up (Fewer stablecoin deposits)
Don't get me wrong. I'm a swing trader. I believe that we're in a bullish market in the long-run but I usually take a short-term bearish when whales are active on exchanges. I'm not going to hold this position for a long time.