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“Over-the-counter (OTC) trading desks are dealing with large institutional clients, and according to their aggregate inventory data, balances have decreased from nearly 10,000 Bitcoins in Q2 2023 to less than 2,000. This shows that institutions such as the Bitcoin ETF issuers, through their market makers, will have to purchase Bitcoins directly from exchanges. The supply/demand imbalance is 1:10 (daily mined vs. daily ETF demand),” Thielen noted.