Bitcoin liquidity on the OTC market has dropped to an all-time low: whales continue to accumulate.
The Bitcoin over-the-counter (OTC) market is showing unprecedented liquidity depletion. According to my data obtained from on-chain metric analysis, the total BTC balance on OTC platforms has dropped to the lowest values ever recorded. The downward trend in reserves has been steadily continuing since 2022, and we are now witnessing its culmination.
The key driver of this process is aggressive buying by large investors, the so-called "whales." They continue to accumulate coins despite the prolonged nature of the current market cycle. Typically, in previous cycles, the OTC balance would begin to rise closer to the end of a bull rally, but now we are seeing the exact opposite dynamic. This points to a fundamental change in market structure.
New Cycle: Prolonged Accumulation Instead of Rapid Growth
According to my analysis, since the peak of OTC market reserves, which stood at around 550,000 BTC, the volume has decreased by 400,000 coins, reaching approximately 150,000 BTC. This 73% drop is an unprecedented indicator. The accumulation period by whales is clearly dragging on, and the rate of price growth during the current bullish phase has been significantly lower than in past cycles. All of this points to the "stretched" nature of the current rally over time.
Logic suggests that the true bullish acceleration will only begin after the whales complete the accumulation process. Then, the OTC balance will start to rise again, signaling the start of the distribution phase. The current low is a powerful signal that accumulation is in full swing, and liquidity on the market has virtually dried up.
Stablecoins on Binance: Quiet Preparation for a Surge
In addition to the picture on the OTC market, it is worth paying attention to the reserves of ERC-20 standard stablecoins on the Binance exchange. They currently stand at around $45.4 billion. After peaking above $50 billion at the end of 2025, this volume of free liquidity is gradually recovering and has been trading in a sideways range since April 2026.
The growth in stablecoin reserves indicates that potential purchasing power is once again accumulating on the exchange. However, the pace of recovery is slow, with no signs of urgency or a massive influx of capital from large players.
Expert opinion from Cryptalist: These two pictures — the depletion of BTC on OTC and the slow accumulation of stablecoins on exchanges — perfectly complement each other. The supply of the first cryptocurrency is shrinking, while the "dry powder" for future purchases is gradually being restored. The market is preparing for a powerful move, but it will require more time and patience for a confident breakout of current levels. Whales are in no hurry — and this is the main signal for retail investors.