Over the past few years, Bitcoin held on OTC (over‑the‑counter) desks—a private market favored by big buyers like hedge funds, corporations, and governments—has plunged from around 480 000 BTC in September 2021 to roughly 146 000 BTC now. This drawdown continued even after BTC crossed the $100 000 mark, demonstrating strong and steady demand Crypto News Land+5TradingView+5Mitrade+5 . Experts from CryptoQuant (via analyst Darkfost) suggest this shift may be a warning sign. As OTC liquidity dries up, institutional buyers may move to public exchanges, which could unleash volatility due to slippage and thinner order books. Meanwhile, U.S. exchanges collectively hold almost 1 million BTC in sell-side inventory — a large pool, but poised to be taxed further if OTC tapers off. Miners also currently hold about 117 000 BTC off-exchange. If these reserves are sold, it would further tighten supply. Plus, on‑chain metrics like Hash Ribbons have shown signs of miner capitulation, hinting they may liquidate as well. On the flip side, dwindling OTC supply might indicate growing long-term accumulation , potentially setting the stage for a bullish breakout once demand shifts to exchanges
