👀 What is OTC trading in crypto? How whales buy without moving the price

⚠️ When a company buys hundreds of millions of dollars of Bitcoin and the price barely moves, it did not use an exchange. It used an OTC desk. This guide explains over-the-counter crypto trading: why large orders cannot go through order books, how OTC desks source liquidity and settle trades, the difference between principal and agency desks, why so much real volume is invisible, and how to tell when the whales are quietly accumulating.

🔖 Here is a puzzle that confuses almost everyone new to crypto markets. A public company announces it bought $500 million of Bitcoin. On any exchange, an order that size would tear through the order book, spike the price, and cost the buyer a fortune in slippage, everyone would see it coming and front-run it. Yet the announcements keep arriving, the purchases keep completing, and the price frequently barely reacts. How?

➡️ The answer is a corner of the market most retail traders never touch and much of the real money never leaves: over-the-counter trading. OTC desks are where whales, institutions, corporate treasuries, miners, funds, and governments buy and sell crypto in sizes that would be impossible on public exchanges, through private, negotiated transactions that never appear in any order book. A large and growing share of crypto’s genuine volume happens here, off-screen, and the on-exchange charts that most analysis obsesses over are, in a real sense, only the visible tip of the market.

➡️ Can Bitcoin price break $67K as oil and tech earnings raise risks?

⚡️ Bitcoin price has pulled back toward $65,700 after approaching $67,000, as caution before Alphabet’s earnings and a sharp oil rally pushed traders away from risk assets. According to data from cryptonews, Bitcoin price traded near $65,970 at press time, down about 1.5% on the daily chart after reaching an intraday high of $66,886. The retreat followed a multi-day recovery from the July low near $58,000, but traders remained reluctant to chase the move before major technology companies released quarterly results.

📣 U.S. stock futures edged lower on Wednesday as investors awaited results from Alphabet and Tesla. Alphabet faces particular scrutiny because Wall Street wants evidence that its heavy spending on artificial intelligence can produce durable returns. Analysts expect the company’s annual capital expenditure to reach between $180 billion and $190 billion.

🌐 Semiconductor stocks have also experienced sharp swings over concerns that technology companies may curb AI infrastructure spending. Weakness in chipmakers could pressure the Nasdaq and drain demand for Bitcoin, which has retained a strong short-term correlation with high-growth equities during periods of market stress.

🔔 Nexo keeps EU services live with MiCA partners

❗️ Nexo said on July 28 that its products remain available across the European Economic Area through an operating structure involving two regulated German partners. Tangany provides digital-asset custody, while DLT Finance supplies brokerage infrastructure for crypto-assets and financial instruments.

⚡️ The announcement does not identify a MiCA crypto-asset service provider authorisation held by Nexo itself. Instead, Nexo attributes the regulated custody and brokerage functions to Tangany and DLT Finance. The platform said the arrangement completed a testing phase without disrupting customer access. Tangany holds EEA client crypto-assets through its Munich-based custody infrastructure. The company received its MiCA licence in September 2025, covering custody, transfers and staking services. Tangany said the approval allows it to passport those services across the European Union.

🔖 DLT Finance is the operating brand of DLT Securities GmbH. Under Nexo’s arrangement, it provides brokerage and execution infrastructure. Public licence data list DLT Securities as a German MiCA-authorised provider for services including exchanging crypto-assets, executing orders and placing crypto-assets. The firm also operates as an investment firm under MiFID II. This division means the companies performing covered custody and trading functions hold the relevant permissions. Nexo continues to control the client-facing wealth platform and user experience.

👀 Coldcard temporarily halts customer data deletion over July exploit

📌 Coldcard has temporarily suspended its automatic customer data deletion process because of legal obligations tied to the security incident disclosed on July 30, preserving records that would otherwise have been erased after 120 days.

⚠️ The company said the temporary measure overrides its published data-retention schedule but added that customers who do not want their information preserved under the legal protocol can still request the application of its existing retention policy by contacting customer support.

🔔 Explaining the change, the company said its standard practice has been to “automatically blank customer records after 120 days,” keeping only customers’ email addresses and country of residence. It also noted that buyers have long been able to request accelerated deletion after their orders were delivered.

➡️ Bitcoin developers could fall behind attackers without top AI models

📌 A group of crypto companies and industry organizations has called on frontier AI labs to give Bitcoin and other open-source financial infrastructure developers trusted access to their most capable models as AI-assisted cyber threats become more advanced. Under the proposal, AI companies would “establish or expand standing trusted-access programs for qualified defenders of open-source financial infrastructure,” allowing vetted security researchers and maintainers to use capabilities that may otherwise be restricted.

🌐 BPI argued that access has become more important as advanced AI systems gain the ability to examine large codebases, identify potential vulnerabilities and speed up difficult technical work. These capabilities can help legitimate researchers find flaws, but the institute said they can also be used by attackers looking for weaknesses. For Bitcoin developers, the letter said the access gap can leave maintainers dependent on less capable open-weight models when frontier systems either refuse security-related requests or remain available only through programs that do not include open-source financial infrastructure.

🔗 The institute pointed to the amount of capital dependent on such software, noting that Bitcoin alone secures more than $1 trillion in value. A serious vulnerability in financial infrastructure can therefore put users’ savings at risk, the letter said.

➡️ Bitcoin price reclaims $64K, but leverage raises pullback risk

🌐 Bitcoin price rose 1.7% to around $64,200 on Aug. 18 as ETF inflows supported the rebound, but rising leverage left the recovery exposed to a pullback. The rebound from the $62,600 area improved short-term momentum, although the daily chart continues to show Bitcoin trading below its two longer-term moving averages. Leverage is also building while liquidity rests on both sides of the current price, leaving the recovery exposed to sharp moves if buyers fail to extend the advance.

📣 U.S.-listed spot Bitcoin ETFs recorded more than $137 million in net inflows on Monday. The inflows followed over $385 million in net withdrawals during the previous week, suggesting institutional demand returned after several sessions of selling.

⚡️ The recovery also came as buyers defended an area that has repeatedly attracted demand since June. Bitcoin fell toward $62,600 on Aug. 14 and again tested the upper $62,000 region on Aug. 17 before climbing as high as $64,586 on Tuesday.

🔔 Bitcoin’s $80K breakout needs spot demand after short squeeze: analysts

📌 Bitcoin has climbed nearly 24% from below $64,000 toward $80,000 as U.S. spot ETF inflows and forced short covering have fueled its strongest weekly advance since March 2023. Nansen senior research analyst Nicolai Søndergaard told cryptonews that Bitcoin has probably established an important local bottom, although he wants more evidence from U.S. spot markets before treating the rally as a confirmed cycle turn.

➡️ Søndergaard said selling pressure has eased, some whales have resumed selective accumulation, and ETF flows have improved. However, he noted that recent readings still showed weak U.S. spot demand, a price below important holders’ cost bases, and derivatives positions recovering before clear confirmation from cash-market buyers. Under his base case, Bitcoin is passing through the final stages of a bottoming process rather than beginning a confirmed market-wide advance. Sustained trading above $80,000, once leverage settles, would provide stronger evidence that buyers can support the move without relying on forced position closures.

🌐 Bitget Wallet research analyst Lacie Zhang said ETF purchases, favorable macro conditions and progress on U.S. crypto regulation have given the rally genuine support. Yet she also attributed part of its speed to traders buying Bitcoin to close leveraged bearish positions.

🔔 Stablecoin card spending crosses $10.9B

🌐 Cumulative stablecoin card spending has surpassed $10.9 billion, according to Paymentscan data cited by payment provider RedotPay on Aug. 25. Paymentscan recorded more than $1 billion in card spending during July 2026, making it the largest month in its tracked dataset.

📣 Merchants therefore receive a conventional card payment rather than handling cryptocurrency directly. Customers can use stablecoin balances at stores and online services that do not otherwise accept digital assets. Paymentscan’s overview recorded approximately $1.04 billion in July spending, compared with $339.4 million one year earlier. The monthly figure more than tripled during that period.

📊 However, Paymentscan’s totals vary according to the selected dataset. An onchain-focused breakdown cited by a16z placed July volume near $759 million and recorded almost nine million purchases. Paymentscan’s broader overview includes additional offchain feeds from card providers. The difference does not necessarily make either figure incorrect. It means readers should identify whether a total includes provider-supplied offchain data or only transactions visible through supported blockchain networks.

➡️ Router Protocol to shut down, burn 303M ROUTE tokens

⚠️ Router Protocol has announced that it will end more than four years of cross-chain development, close all operations by Sept. 30, 2026, and permanently burn 303,333,198 ROUTE tokens held in its treasury. Liquidity across Web3 has remained scarce for about two years, the team said, while a large share of investor attention and capital has moved toward artificial intelligence. Within the interoperability market, growing competition has pushed bridging fees lower as user activity has become concentrated on a limited number of major networks.

🔖 Although Router continued operating infrastructure across multiple blockchains, the project said revenue from its bridging services could no longer cover development and operating costs. The team spent the past year exploring commercialization agreements, technology licensing, and possible acquisitions, but none of the talks produced enough funding to support long-term operations.

📣 Calling the closure a difficult decision, Router said it considered the shutdown “the most honest and responsible choice for the community.” The team will wind down services gradually instead of closing the protocol without notice, giving users and trading platforms until the end of September to prepare.

🔔 World settles bets with an oracle. That is the third model

➡️ Every argument about prediction markets this year has been about who is allowed to run one. New York suing for billions. A dozen state gaming regulators issuing orders. Three California tribes at the Ninth Circuit. A bill to ban sports contracts outright.Until this week there were two answers shipping in production. Kalshi settles with a rulebook, applied by a licensed operator with a regulator behind it. Polymarket settles with an optimistic oracle, where an outcome is proposed, challenged and, if contested, voted on by people holding a governance token.

‼️ On September 9, World shipped a third. Chainlink data feeds settle the contract automatically the moment the game ends. No panel. No vote. No dispute window. Nobody to appeal to, because the settlement is a program that already ran. Worth understanding what that third model buys and what it gives up, because it is not obviously better or worse than the other two. It is differently broken, which is the only honest thing anyone can say about resolution mechanisms.

📣 World launched inside the Phantom wallet during the summer and opened a standalone site at worldxyz on September 9, extending access to a waitlist exceeding one million users. More than 150,000 markets have been created since the Phantom integration went live, spanning sports, crypto, politics, finance, economics, and culture. The opening lineup is broad: every NFL regular-season game, seven soccer leagues, Formula 1 races, binary contracts on the 2026 United States midterm elections, and contracts on Federal Reserve policy decisions. Equity, commodity, and weather markets are planned.

📌 STRC nears $100 after Strategy’s $950.8M buyback

📣 Strategy has repurchased nearly 9.96 million STRC preferred shares for $950.8 million since July 20 as the security recovered toward Strategy’s targeted $99-to-$100 trading range. Strategy said in its Sept. 14 SEC filing that it bought another 1,420,467 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock between Sept. 8 and Sept. 13 for $139.3 million, using its USD Cash balance. The company sold no shares through its at-the-market programs and bought or sold no Bitcoin during the same period.

🔖 Adding Strategy’s eight weekly disclosures from July 20 through Sept. 13 produces 9,961,554 STRC shares repurchased for approximately $950.8 million. Bloomberg separately calculated roughly $950 million of purchases and estimated that Strategy represented around 18% of total STRC trading volume during the period. Strategy has explicitly set a corporate objective for STRC to trade between $99 and $100. Its August investor materials say management uses dividend-rate decisions, repurchases, liquidity management and issuance policy to support trading near the $100 stated amount. Strategy cautions that the target is “not a price guarantee” and says the policy can change.

➡️ The company currently pays a 12% annualized dividend on STRC, equivalent to $0.50 for each full semi-monthly period on $100 of stated value when the dividend is declared. Strategy’s board has declared $0.50 payments for the periods ending Sept. 30 and Oct. 15. Management has said it does not currently intend to recommend changing the 12% rate until STRC demonstrates sustained trading near $100. Strategy’s existing policy is similarly not to sell new STRC below its $100 stated amount. Both policies are statements of management intent and are not contractual obligations.

➡️ CFTC chair says tokenization could reach all asset classes

🌐 The US Commodity Futures Trading Commission has begun preparing financial markets for what Chair Michael Selig called “mass tokenization,” as the agency works to adapt existing rules for blockchain, artificial intelligence and onchain finance. CFTC Chair Michael Selig said during the U.S. Treasury Market Conference on Sept. 22 that regulators need to prepare existing market structures for tokenized real world assets, 24/7 trading and technologies that could operate across traditional financial infrastructure.

⚡️ Selig described tokenization as one of the technologies that could change how assets and collateral move through financial markets. High quality tokenized collateral, he said, could make liquidity more dynamic while allowing assets to move between clearinghouses, intermediaries and end users in real time. Blockchain based financial infrastructure could eventually support near instantaneous settlement alongside that movement of collateral, according to Selig. He compared the potential change with the transition from trading through hand signals to electronic markets.

📣 Preparing markets for “mass tokenization” will require regulators to adjust older frameworks so blockchain and AI can be used at scale, Selig said. His remarks covered real world asset tokenization alongside onchain finance and markets that could operate around the clock. Stablecoins are part of that work. Earlier in 2026, the CFTC expanded the types of eligible tokenized collateral to include certain payment stablecoins issued by national trust banks and published guidance covering the use of crypto assets and blockchain technology by regulated entities.

🔔 ECB wants to test AI-powered digital euro payments

⚠️ The European Central Bank has opened a new program to explore whether AI agents could use a future digital euro for payments, including micropayments and interactions between machines. The project will examine AI-enabled payment experiences, AI agents interacting with each other, micropayments and new features inside payment apps. Participants will be expected to consider privacy, user control and data protection when developing ideas.

➡️ Applications remain open until Nov. 9 at 17:00 CET. The ECB has separated the work into two programs, one focused on building working payment features and another looking at technologies that could become useful later. The exploration program will examine how AI could interact with a possible digital euro without committing to any specific feature for a future launch.

🌐 Among the areas the ECB wants participants to study are AI agents capable of interacting with payment systems and with other AI agents. The central bank has not said that autonomous AI payments will definitely become part of the digital euro. Workshops will take place at the ECB’s Frankfurt headquarters during the first and second quarters of 2027. Selected organizations will discuss potential use cases involving consumers, merchants, businesses and public-sector services.

🚫 Polymarket to take Dutch ban to court over gambling label

‼️ Polymarket has said it will take the Netherlands’ gambling ban to court, reopening the dispute on Oct. 5 after a €420,000 enforcement penalty. NL Times, citing Financieele Dagblad, reported that Polymarket plans to challenge the Dutch Gambling Authority, or Ksa, over its decision to classify the platform as an unlicensed gambling service. Polymarket argues that users trade financial contracts tied to future events and that oversight should fall to the Dutch Authority for the Financial Markets, or AFM. 

🔔 The dispute is not new. Adventure One QSS Inc., the company named by the Ksa as Polymarket’s operator, already challenged the regulator through the Dutch administrative objection process. The Ksa rejected that objection in June and kept its original enforcement order in place. Polymarket’s argument centers on how its prediction contracts work. Users buy and sell positions linked to future events, with winning shares paying out based on the final result.

📌 During its earlier objection, Polymarket told the Ksa that the service does not operate like a conventional bookmaker. Its filing said users trade with each other, the company does not maintain a central prize pool, and prices emerge from market demand instead of odds set by a gambling operator. The company went further by arguing that comparable products receive financial-market oversight in the U.S. It told the regulator that a comparable platform could come under AFM supervision in the Netherlands instead of the Ksa.

🔔 China plans national blockchain network in digital push

❗️ China has called for a national blockchain network and an integrated computing power network in a policy document covering 19 measures to develop technology-led industries and connect the digital economy with real-world production. Under the opinion, authorities should improve rules governing who owns data, how it is traded, how rights are allocated, and how participants’ interests are protected. The policy also calls for pilot projects involving data as an economic resource, while directing improvements to the construction and operation of national data infrastructure.

🌐 Within its digital economy provisions, the opinion calls for an integrated national computing network and a national blockchain network. The document also directs authorities to advance smart manufacturing, industrial internet projects and the East Data, West Computing program. For industrial development, the policy proposes support for businesses adopting digital technologies and for companies supplying digital products and services. The opinion calls for internationally competitive digital industry clusters, with changes to the policy framework supporting both activities.

📣 The same document proposes mechanisms to increase investment in future industries and share investment risks. Under its financing provisions, authorities should use existing fiscal policies and encourage sustained private capital investment in technology development. According to the agencies’ notice, standardized information sharing between banks, tax authorities and businesses should help lenders assess borrowers. The agencies also recommended improving credit models and loan approval processes, with financing directed toward compliant, tax-paying enterprises.

📌 Visa launches 24/7 USDC funding for global payments

🔖 Visa has launched commercial USDC stablecoin funding for international payments through Visa Direct, naming Inyo Global as its first partner to bring the service into production on October 15, 2026. The service allows participating companies to make funds available for international transfers in near real time, without depending entirely on conventional banking hours. Visa said the offering is initially available through Inyo, with access determined by customer eligibility and geographic restrictions.

🔔 Inyo serves banks, money transmitters, fintech companies, and payment providers. Its existing infrastructure supports domestic and international payouts across more than 180 countries, although Visa has not confirmed that stablecoin prefunding is available in every market served by the platform. With the commercial launch, Inyo’s clients can use USDC to provide funds needed for international payouts through Visa Direct. The stablecoin, issued by Circle, is designed to maintain a value of $1 and can be transferred through supported blockchain networks.

⚠️ Under conventional prefunding arrangements, businesses often need to place money into designated accounts before payment transactions can be processed. Availability may depend on banking hours and settlement schedules, particularly when transfers involve different countries. Visa’s new offering gives eligible businesses another funding option. Through Inyo’s existing integration, participating companies can provide USDC to support their cross-border payout obligations without building a separate payment system.

🔔 The GENIUS Act rules are final but can stablecoin issuers get approved in time?

🌐 The OCC has fixed January 18 as the start of its stablecoin rules, but it has not opened the application window. Its new waiver guidance explains how an existing issuer could keep minting while a decision is pending, and where that protection stops. The Office of the Comptroller of the Currency has finalized its GENIUS Act regulations with less than three months left before the January 18, 2027, effective date.

📣 For an issuer, the consequential question is no longer simply what reserves to hold. It is whether an application can be assembled, accepted as substantially complete and, if necessary, paired with a written waiver before the issuance restriction begins. Those are distinct steps. Filing paperwork does not make a firm licensed, while the existence of a waiver provision does not mean every pending applicant automatically receives one.

⚡️ The October 21 waiver bulletin says the OCC plans to start accepting applications and waiver requests soon after the Office of Management and Budget approves the related information collection. It promises a separate announcement when submission opens. No opening date appears in the bulletin. As of October 22, the interval between that announcement and the January deadline remains unknown.