According to CryptoQuant data, OTC trading volume yesterday was 99% and overall exchange volume was just 1%.
This usually means some very big players are taking positions. Make of that what you will. This is happening at the same time exchange balances are at all-time lows.
Fund flow ratio is the ratio of BTC trading across centralized exchanges to BTC volume observed on the blockchain. When this number goes down, it means P2P, OTC deals are going up.
The last time fund flow ratio for all exchanges dropped so low was in October 2020, weeks before BTC reached a new ATH and started to go parabolic. 7.5 million BTC was transferred recently on chain as BTC crossed 40k, almost twice as high as October.
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