PANews reported on December 26 that according to The Block, several crypto trading companies recently reported that the volume of over-the-counter (OTC) transactions has grown rapidly in recent months, with the election results becoming an important driving force. Tim Ogilvie, head of institutional business at Kraken Exchange, said: "OTC transactions are currently extremely active, and trading volume has surged with price increases." He revealed that Kraken's OTC trading volume has increased by 220% year-on-year, and other trading companies have also reported similar growth.
Jake Ostrovskis, an over-the-counter trader at market maker Wintermute, noted that the market was relatively quiet in the middle of the year, but as the election approached, prices rose and market participants began to actively prepare for the election results. He said that Wintermute has been negotiating with some clients for years, and the election results became an opportunity for them to start trading. Similarly, Embert Lin, a trader at market maker GSR, said that the company's trading volume has increased significantly since the election. As the prices of Bitcoin, Ethereum and altcoins rise, projects and investors have become significantly more motivated to manage funds and risks at these prices, while also looking for new opportunities to gain exposure to other crypto assets besides BTC and ETH.
A trader at an over-the-counter trading firm privately revealed that recent trading volumes have easily reached the peak of the cryptocurrency market in 2021. In addition, Brett Reeves, head of Go Network at cryptocurrency custody company BitGo, pointed out that the election results were the main driver of the recent surge in trading volume, with two-thirds of the volume generated within three months after the election results were announced.
