Recent on-chain data reveals that Bitcoin miners are increasingly depositing coins into over-the-counter (OTC) desks, a move that has historically signaled bearish trends.

Rise in Bitcoin Miners’ Deposits to OTC Desks

According to a CryptoQuant analysis, BTC miners have been transferring coins to OTC desks in the past three months. OTC desks facilitate direct transactions between individuals or institutions, offering a more discreet trading environment compared to centralized exchanges.

Although transactions on OTC desks are harder to track, CryptoQuant has identified addresses associated with these desks through on-chain data analysis. Miners typically transfer coins from their reserves to these addresses for potential selling.

During the consolidation period following Bitcoin’s previous all-time high, miners significantly increased their transfers to these probable miner OTC desks, with balances rising by over 70% in three months.

Historically, such high levels of miner OTC desk balances have preceded bearish trends in BTC prices. This trend could be attributed to the impact of the fourth Halving event in April, prompting miners to offload coins as market conditions evolved.

Bitcoin Price Outlook

Currently, Bitcoin is trading around $61,300, showing a 4% gain over the past week. The movement of miners’ funds to OTC desks may signal a potential downturn for BTC prices in the near future.