$100K, $103K, $106K… – How is Bitcoin breaching one ATH after the other?

BTC has recently hit another ATH.
There has been more scramble to get BTC, driving up its demand.

Bitcoin has surged to a new all-time high of $106,000, driven by an unprecedented surge in institutional demand and a tightening supply across OTC desks.

On-chain data reveals a significant decline in OTC desk balances, while apparent demand has continued to outpace supply over the last month. This combination has created a supply squeeze that has fueled Bitcoin’s sharp price momentum.

Bitcoin institutional accumulation grows

Analysis of the Bitcoin OTC Desk Balance chart, per CryptoQuant, reveals a sharp decline in OTC balances, marking the steepest drop this year. In the past 30 days alone, OTC desk balances have fallen by 25,000 BTC, while a total of 40,000 BTC has left these desks since November 20.

Source: CryptoQuant

Institutional investors and high-net-worth individuals typically use OTC desks to purchase large amounts of Bitcoin without impacting spot market prices. This depletion signals that institutions are aggressively accumulating, reducing the available supply for broader market participants.

The dwindling OTC reserves coincide with Bitcoin’s rally to new highs, illustrating how institutional demand has fueled upward momentum while creating a supply shortage in the market.