Prior to Bitcoin halving on May 12, the crypto market was recovering, with most currencies offering a return of around 50% to investors.
While it is now popular that Bitcoin will rise around the event, data from OTC exchanges suggest that many traders are making profits right now.
A Twitter post by ‘ Theta Seek ‘ user claims that record amounts of Bitcoin were sold yesterday after BTC crossed $ 9,000.
OTC exchanges are responsible for hundreds of millions in trading volume every month, giving traders good order execution and better execution of particularly large orders. Generally speaking, these exchanges take a premium but do everything at a fixed price.
In April 2018, Bloomberg suggested that there were between $ 250 million and $ 30 billion in OTC deals during the Asian trading session. Most of the sales were attributed to Chinese Bitcoin miners, which they allegedly sold to cover operating expenses and make a profit.
The $ 9,000 level is considered a significant psychological limit. Several technical analysts expect a decline before halving.
Earlier in April, increased institutional interest in Bitcoin was reported based on CME’s rising BTC futures volume. $ 347 million in futures was traded on CME on April 2 alone, while open interest from BitMEX was declining.
For investors with hundreds of millions, Bitcoin’s movement of about $ 7,000 to $ 9,000 is a 30% gain – making flagship cryptocurrency the best investment in 2020 so far.