Goldman Sachs backed Circle reported this past week that it executed near $24 Billion in Over The Counter (OTC) crypto trading in 2018. This is ground breaking and very insightful news as there has been much discussion around institutions buying crypto OTC during the bear market but there were no actual hard facts to back it up. The Circle data confirms the massive accumulation that has been taking place. Circle has over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers, and other global endowments
Here are the details Circle released about its OTC trades:
- More than 10,000 OTC trades, with nearly
- 600 distinct counterparties, across
- 36 different crypto assets, and generated nearly
- $24 billion in notional volume
As you can see from the information, significant accumulation was made and this was just from one firm. There are many other OTC firms in the crypto market who have executed trades as well including BitStocks, Cumberland, Genesis Trading, itBit and Jump Trading to name a few.
This shows the institutional investors are not focused on the current price, they accumulated when blood were on the streets and prices were very low. This is a great sign if you’re an investor in the cryptocurrencies and shows what is to come for the crypto market.