OTC trading volume dropped 28% month-over-month in November, negatively impacted by low trading volume during Thanksgiving week. Stagnant price activity was also a factor. 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.
Our November OTC data shows a shift in volume by client type with total miner trade volume increasing 2.3% this month to 10.2%. We 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.
itBit Bitcoin OTC Market Data Summary for November 2015
|Total Bitcoin Volume Traded||29,097 XBT|
|Total USD Amount Traded||$10.8 Million|
|Average Daily Trading Volume||1,616 XBT|
|Month-over-Month Trading Volume Growth||-28%|
November Highlights from the itBit OTC Desk
- Conducted successful bids in 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 (see heat map below), growing our global footprint.
To learn more about itBit's OTC trading services, please contact us at OTC@itbit.com. New clients receive $50 in bitcoin upon completing their first OTC trade with us!
Director of Trading, itBit