Coinbase Prime recently scored an increase in over-the-counter (OTC) trading activity. Based on CryptoQuant’s analysis, the surge suggests an increase in institutional investors utilizing OTC channels to accumulate Bitcoin (BTC). Institutional BTC Preference Triggers OTC Trading From the data provided by analysts at CryptoQuant, the spike in inflows resembles a similar trend seen on December 17. Noteworthy, that was the day that Bitcoin hit its all-time high (ATH) of over $108,000. According to CryptoQuant CEO Ki Young Ju, such a significant surge in inflows on the Coinbase platform usually indicates that multiple OTC trades are occurring. It also reflects institutions’ preferences to accumulate bitcoin through OTC trading. Julio Moreno, the head of research at CryptoQuant, highlighted that the inflows represent the BTC sourced from Coinbase for institutional clients. Furthermore, he noted that OTC flows recently reached $14 billion, equivalent to 142,000 Bitcoin on the American centralized exchange. Growing Institutional Adoption of BTC With Pro-crypto Government Generally, the digital asset landscape has registered some improvements in the months that followed the United States 2024 presidential elections. Republican politician Donald Trump, known for his pro-crypto stance, won the race , uplifting the ecosystem’s spirit. He is finally coming into power by January 20. One of the moves he intends to make today is ousting Gary Gensler, the current United States Securities and Exchange Commission (SEC) Chairman. Former SEC Commissioner Paul Atkins has been nominated to replace him. This move is expected to bring more favorable policies to the crypto industry. Bitcoin price will likely register more rally, to the point of oven hitting a new ATH. BTC Price Performance and Potential At this time, Bitcoin traded at $104,951.39, corresponding with a 5.58% increase within 24 hours. While this is a lofty price level, it is still significantly lower than the coin’s ATH of over $108,000. With several nations, including the US, vying to add the flagship cryptocurrency to their strategic reserve, BTC will likely register more gains. The potential growth in Bitcoin ETF inflows could also contribute to the price rally. The post Coinbase Prime Records Significant Surge in OTC Bitcoin Trading appeared first on TheCoinrise.com .
