itBit Bitcoin OTC volume drops 28% month-over-month for November

Volume of Bitcoin OTC trading at agency brokerage itBit dropped 28% month-over-month in November, the company stated seasonal trends negatively impacted trading volume during Thanksgiving week. Moreover, stagnant price activity was also a factor for the 2nd half of the month. The bitcoin market was relatively quiet following a volatile period in early-November that saw the bitcoin price jump 58% to $500 then drop back down to the low $300s in a 10-day span.

itBit’s November OTC data shows a shift in volume by client type with total miner trade volume increasing 2.3% this month to 10.2%. itBit also saw a wider deviation from spot prices for OTC executions after introducing fees this month. Additionally, sellers were willing to transact at larger discounts due to the lack of buyers willing to buy at premium prices as a result of the aforementioned volatility.

November Highlights from the itBit OTC Desk

  • Conducted successful bids in the final US Marshals Service bitcoin auction on behalf of a number of clients.
  • Tradeblock integration for our OTC middle and back office operations was completed.
  • New OTC clients brought on from Japan and Israel.

Click here to view details from OTC market data for November.

Read Also: