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For the first time, OTC office balances for Bitcoin are nearly empty of Bitcoin
Imagine OTC offices with only about 1,200 Bitcoins after having more than 35,000 Bitcoins; they decreased after Strategy, a company affiliated with Michael Saylor, bought about 34,000 Bitcoins worth $2.54 billion
Now, if demand from companies and funds continues, these offices will have to buy through exchanges, which will affect the order book and cause a supply shock
The last time OTC office Bitcoin balances reached their lowest in August 2023, with the office balance around 5,000 Bitcoins and the price at $29,000. After that, the price jumped to levels of $73,000 in March 2024, meaning in less than 8 months
We are talking about a number we've never reached before, and if institutional demand continues, it could become vacant
$BTC $BTC $ETH #Gate13thAnniversaryLive #WCTCTradingChallengeShare8MUSDT #BitcoinBouncesBack #EthereumMemeSeasonReturns #JustinSunSuesWorldLibertyFinancial