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Chinese traders are increasingly turning their attention to OTC transactions amid tightening measures related to cryptocurrency trading and mining in the country.
As the regulator's gaze fell on the crypto boom that took place in China, traders have to trick themselves, finding ways to evade the attention of the authorities using the OTC market. This was the reason for a sharp surge in interest in them from cryptocurrency investors. Since data with the exact volume of the OTC market is difficult to establish due to its nature, the key indicator of interest was the exchange rate between the RMB and USDT. The demand for the latter has grown significantly, even in spite of the falling market.
After a 4.5% fall as a result of measures by the State Council of China, the USDT exchange rate against the Chinese yuan recovered more than 50% of its losses. Given the fact that the peak of sales may already be behind, the markets began to consolidate.
Another reason for the popularity of OTC is that OTC trading does not pose such a risk of capital outflow. This is the problem faced by most of the local investors, who saw a significant capital outflow after the adoption of new measures by Chinese regulators. Since OTC trades in local currency originate in the Chinese financial system, the risk of such capital outflow is minimal.
One way or another, according to Bloomberg, Chinese traders still hold the leading position in global crypto trading, accounting for about 80% of the total trading share. At the same time, local investors own about 7% of the world's BTC reserves.