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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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As April progresses, Bitcoin is experiencing renewed bullish momentum after surging to around $73,300, following a 9% price increase over the past week. Fresh on-chain and market structure data point to a deeper shift in liquidity dynamics beneath the move.
In a QuickTake post on April 11, market analyst GugaOnChain shared data from the “Bitcoin: OTC vs Exchange Dominance Share (24h %)” indicator. The data shows that over-the-counter (OTC) transactions now account for 82.26% of total settlement volume, placing the market within the “Institutional Alert Zone” (80–90%).
Out of a total daily settlement volume of 706,000 BTC—valued at approximately $51.5 billion—only about 17.14% flowed through traditional centralized exchange (CEX) order books. The imbalance suggests public liquidity on exchanges is drying up, with larger participants increasingly trading off-market.
Within the remaining 17.14% of trading activity on centralized exchanges, GugaOnChain highlighted how capital is distributed across major venues. Coinbase accounts for 58.21% of all CEX flows.
The post links Coinbase’s dominance to its role as custodian for 8 of the 11 U.S. spot Bitcoin ETFs, positioning it as a key gateway for institutional capital.
The distribution underscores a market increasingly shaped by institutional players both on and off exchanges, with Binance described as more retail-driven and Kraken noted for regulatory compliance and institutional clients.

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