Since Bitcoin volumes began to dissipate in late-2018, which came alongside price plunges, the crypto’s curious investors have sought to determine where the money has fled. For the longest time, it was assumed that over-the-counter (OTC) desks picked up where spot exchanges, namely Bitfinex and Coinbase, were slacking. Yet, a recent company update from Circle has touted OTC statistics that could be deemed lackluster.
Last week, the Goldman Sachs-backed, Boston-based Circle, a leading player in the nascent OTC market, released its year in review, compiling pertinent data from fiscal 2018 in an apparent stab at transparency. Circle Trade, the startup’s OTC arm, reportedly transacted $24 billion in notional volumes across 10,000 transactions, which serviced 36 distinct crypto assets and 600 counterparties.