Bitcoin liquidity on the OTC market has plummeted to an all-time low: whales are buying everything up.
According to on-chain analytics, liquidity of Bitcoin on the over-the-counter (OTC) market continues to decline rapidly, reaching an all-time low in recorded history. Since 2022, the BTC balance on OTC platforms has been steadily decreasing, and the current dynamics indicate that large investors, so-called "whales," are actively accumulating coins, leaving sellers no chance to replenish their reserves.
Cycle Structure: A Unique Scenario
Notably, the current accumulation phase is fundamentally different from previous cycles. Typically, the balance on the OTC market grows closer to the end of a bull market, when large players lock in profits. However, we are now witnessing the opposite picture: the volume of Bitcoin on OTC platforms has decreased by 400,000 coins — from 550,000 to 150,000 BTC. This suggests that the accumulation period has been prolonged, and the growth rate during the bull phase has been significantly lower than in the past. The market has entered a phase of slow, stretched-out growth, which is an atypical signal.
Stablecoin Reserves: The Silent Accumulator
In parallel with the depletion of OTC balances, the largest exchange, Binance, is seeing a recovery in reserves of ERC-20 standard stablecoins. After peaking at $50 billion at the end of 2025, the volume of free liquidity dropped to $45.4 billion, but has stabilized in a sideways range since April 2026. This indicates that purchasing power is gradually accumulating on the exchange, but without signs of urgency or a massive influx of capital from large players.
These two pictures complement each other: the supply of BTC on the OTC market is drying up due to active buying by whales, while "dry" capital for future purchases is slowly recovering on exchanges. However, the market will need more time for a confident breakout — accumulation is happening on both sides, but without sharp movements.
My expert opinion: The current liquidity low on the OTC market is a classic signal that large players are preparing for a powerful rally. However, the slow pace of stablecoin recovery on exchanges suggests that the market is not yet ready for impulsive growth. Investors should prepare for a prolonged accumulation phase, after which an explosive bullish trend will follow.