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According to well-known analyst Joseph Young, during the bitcoin price takeoff at about $ 9,400, the big traders made a profit on over-the-counter platforms.
Referring to options trader Theta Seek, Young said that record sales were recorded on various OTC platforms after digital gold hit a high mark.
“In a conversation with various OTC companies, I found that a record amount of BTC was sold for more than $ 9,000.”– Theta Seek said.
There was also a sharp increase in the number of sell orders in the OKEx futures market. The latter, along with Huobi, managed to obtain permission from the Chinese government to open access to the platform for Chinese investors.
Below, on the screenshot of the OKEx trade chart, you see large groups of sell orders above $ 9000:
According to bias, today OKEx is the largest exchange of crypto derivatives in terms of open interest. Consequently, seller pressure on this exchange could have a serious short-term effect on the price of bitcoin.
Additionally, according to Young, a significant increase in trading volumes was observed on the largest spot exchanges: Binance and Coinbase. Consequently, not only whales on OTC platforms, but also many retail players have shown significant activity in the past three days.
Recall, in anticipation of bitcoin’s growth to $ 9000, the largest issuer of stablecoins Tether printed 160 million USDT.
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