$BTC : OTC Trading and the Transformation of Market Dynamics

In December 2025, Bitcoin market dynamics demonstrated an atypical divergence between price action and apparent activity on spot exchanges.

Despite low spot volumes and outflows from Bitcoin ETFs, the asset's price recovered and approached $95,000. This indicates that the main demand was generated outside of public trading venues.

P.S. But then it was again swamped by "winter" market makers and macro news, as it could easily have gone beyond $120,000.

Evidence confirms that the rise was driven by over-the-counter (OTC) accumulation, derivatives market activity, and a structural supply contraction, rather than traditional spot buying. On-chain metrics, declining exchange reserves, and institutional behavior support this interpretation.

From December 2024 to early December 2025, over 403,000 BTC were withdrawn from centralized exchanges. This significantly reduced the available supply for trading and indicates active accumulation outside of public markets.