Bitcoin rode a solid wave through October, clocking an 11% price gain—though not quite at its usual “Uptober” highs. While past Octobers have seen price surges in the 20% range, this year’s numbers remain modest in comparison. But whispers on the trading floor suggest an even bigger leap could be looming, with OTC (over-the-counter) desks scrambling to stock up on the cryptocurrency.
“Price will go nuclear. It’s planned,” said crypto trader Alex Becker on Oct. 31. His prediction? A “ridiculous” amount of Bitcoin is being hoarded by institutions, specifically through OTC channels, hinting at something huge in the making.
OTC Desks Drying Up on Bitcoin: Traders Hint at Imminent Squeeze
Pseudonymous trader The Bitcoin Therapist isn’t the only one sensing pressure. Rumors are flying that OTC desks—the backchannels where larger buyers stock up without moving the market—are “running dry on Bitcoin.” If true, this shortage could catalyze a major supply squeeze, forcing prices to go wild.
Bitcoin trader Magoo PhD, followed by 49,300 on social media platform X, pointed out that “supply is getting tight.” He’s watching closely, and he isn’t alone. Becker is convinced that when institutional players have enough, the media will come in hot with headlines of a Bitcoin all-time high. That’s when retail traders, eager not to miss out, will flood exchanges like Coinbase—only to find a supply crunch waiting for them.
Search Interest Flat Despite Price Action, but the “Uptober” Vibe Stays Alive
Bitcoin’s journey through October wasn’t without its bumps. Starting the month at $65,634, it closed at $72,335, according to TradingView, marking a respectable 11% boost. But this fell short of the historical October average of 22% gains since 2013. On Oct. 11, the price even slipped below $60,000, briefly hitting $59,407—a 7% drop.
Despite these fluctuations, Bitcoin regained its footing by Oct. 29, breaking above $70,000 for the first time since June. Yet the buzz around Bitcoin hasn’t spiked nearly as much as AI-related searches. Since Oct. 23, Bitcoin search interest has only managed a fraction of the attention commanded by artificial intelligence.
At publication, Bitcoin stood at $69,547, hinting at stability—but for how long? With OTC desks seemingly low on supply, traders believe the next price burst might just be around the corner, leaving retail investors on standby for the fireworks.
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