Crypto OTC Trading Volumes Surge Dramatically Amid Clear Regulatory Path
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OTC trade volumes on Kraken and other crypto exchanges have increased by 220% YoY. The quantities of current trades are comparable to those witnessed in 2021. The results of the election, according to leading crypto trading firms, have been a major reason for the dramatic rise in over-the-counter trading volumes throughout the last few months. Head of institutional at crypto exchange Kraken Tim Ogilvie told The Block, “Long story short, OTC is going gangbusters right now.” He went on to say that prices are up, but volume is considerably up as well. According to Ogilvie, over-the-counter (OTC) trade volumes on Kraken and other crypto exchanges have increased by 220% year-over-year. US Election Effect According to Jake Ostrovskis, an over-the-counter trader at market-making business Wintermute, the market remained relatively calm over the middle of the year. However, as we approached the election, prices began to rise, and market players sought to position themselves for the outcome. He brought up the fact that Wintermute had been in talks with certain customers about onboarding for years; they saw the election as a sign that they could finally begin trading after all. Trader Embert Lin of market-making firm GSR reported a significant uptick in business activity after the election. He stated that projects and investors are taking a more proactive approach to managing their funds and risk in light of the recent price increase in Bitcoin and other cryptocurrencies. Many organizations are on the lookout for alternatives to Bitcoin and Ethereum, as well as new chances to diversify their exposure. A trader at one OTC firm noticed that the quantities of current trades are comparable to those witnessed in 2021. When interest in cryptocurrencies peaked. Cryptocurrency custodian BitGo, which began operations in 2013, silently established an over-the-counter trading desk in the first half of…
Filed under: News - @ December 26, 2024 5:27 am