Bringing Transparency to an Opaque Market
In July, we launched over-the-counter (OTC) trading at itBit, becoming the first bitcoin exchange to offer this boutique service. Today, we are bringing much-needed transparency to bitcoin OTC traders.
Bitcoin OTC market data has not been made publicly available to this point, leaving traders susceptible to high mark-ups. Over the past three months, our OTC trading desk has provided better price discovery into the bitcoin OTC market and helped global counterparties trade with one another in a centralized marketplace.
itBit Bitcoin OTC Market Data Summary for Q3
|Total Bitcoin Volume Traded||61,853 XBT|
|Total USD Amount Traded||$15 Million|
|Average Daily Trading Volume||1,100 XBT|
|Average Month-over-Month Trading Volume Growth||71%|
The data point we think is most critical for traders is OTC executions vs. spot pricing at time of trade (see infographic below). This information is particularly important because it debunks the idea that large liquidity can only be found far from current spot pricing.
We invite you to share the detailed infographic below with friends and colleagues. Our hope is that these updates bring greater transparency to the bitcoin OTC market and help traders make more informed decisions.
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