The big-picture outlook for Bitcoin (BTC) price remains strong, as it trades above $110,000 today. A bullish data point that paints this optimistic outlook is the significant drop in over-the-counter BTC balances over the years. To be precise, the OTC balance has decreased by 371K, valued at nearly $40.8B at press time. According to data from CryptoQuant, the OTC balance has dropped from 486K to 115K, showing a 4.2-fold decrease since September 2021. Axel Adler Jr., who pointed out this decline, added, “At the current withdrawal rate of about 276 BTC per day, the remaining 115K BTC would be depleted by July 2026.” A decline in the supply is net bullish for the ecosystem in the long-term outlook. However, the short-term bias remains bearish, with the Bitcoin price poised to drop to $106K or lower. Bitcoin Price Analysis: What’s Next as OTC Balance Drops $40.8B? Bitcoin (BTC) rose 1.16% in… Read More at Coingape.com
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