--- title: "itBit Bitcoin OTC Market Update: February 2016" description: Every month, itBit's Bitcoin OTC Market Update brings greater transparency to an opaque market, offering traders key data from our OTC Trading Desk. image: https://insights.paxos.com/hubfs/_itBit_OTC/BLOG-itBit-Bitcoin-OTC-Market-Update-February-2106.png --- [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Square.svg)](https://www.itbit.com/) [![itBit](https://insights.paxos.com/hubfs/itBit-Careers-Long.svg)](https://www.itbit.com/) [OPEN TRADING ACCOUNT](https://exchange.itbit.com/signup) [SUPPORT](https://www.itbit.com/contactus) [LOGIN](https://exchange.itbit.com/login) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) - [Exchange](https://www.itbit.com/exchange) - [OTC Trading](https://www.itbit.com/otc) - [Market Data](https://exchange.itbit.com/markets) - [Blog](https://www.itbit.com/blog) # [ITBIT TRADING BLOG](https://www.itbit.com/blog) ## itBit Bitcoin OTC Market Update: February 2016 March 3, 2016 at 2:46 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![itBit Bitcoin OTC Market Update February 2106](https://insights.paxos.com/hs-fs/hubfs/_itBit_OTC/BLOG-itBit-Bitcoin-OTC-Market-Update-February-2106.png?width=1000&name=BLOG-itBit-Bitcoin-OTC-Market-Update-February-2106.png "itBit Bitcoin OTC Market Update February 2106") February proved to be the biggest trading month to date for our bitcoin OTC trading desk. Trading volume increased 211% month-over-month as sellers continued to flood the market. This influx of sellers resulted in deeper transactional price execution discounts and presented an opportunity for the limited number of buyers to price in larger discounts. #### **[View our detailed Bitcoin OTC Market infographic for FEBRUARY 2016](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-february-2016#infographic)** Interestingly, OTC sell pressure was inversely correlated with exchange dynamics. The OTC market had little influence over buyers’ mentalities to remain bullish trading on major exchanges as the price of bitcoin rose approximately 16% in February. | **itBit Bitcoin OTC Market Data Summary for February 2016** | | | --- | --- | | **Total Bitcoin Volume Traded** | 66,230 XBT | | **Total USD Amount Traded** | $26.4 Million | | **Average Daily Trading Volume** | 3,153 XBT | | **Month-over-Month Trading Volume Growth** | **211%** |   In addition to total trading volume, we saw significant month-over-month growth across a number of key OTC trading metrics: - Unique Number of Transactions: **+54%** - Average Daily Trading Volume\*: **+127%** - Average Bitcoin Volume Per Trade: **+102%** **Other February Highlights from the OTC Desk** - Transactions experienced a 105% increase in average execution discounts (to exchange spot prices) from -34bps to -70bps. - US trading declined 7% but international trading activity picked up. Asia trading volume rose 220% month-over-month. - Remittance client volumes doubled month-over month while retail client volumes continued to decline. - Welcomed a new OTC client from Argentina ([please see heat map below](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-february-2016#infographic)) bringing the total number of countries we service to 18.    To learn more about itBit's OTC trading services, please contact us at [OTC@itbit.com](mailto:OTC@itbit.com) or [visit us online](https://www.itbit.com/h/otc). New clients receive $50 in bitcoin upon completing their first OTC trade with us!   ![Bobby_Cho_-_Signature](https://insights.paxos.com/hs-fs/hubfs/Bobby_Cho_-_Signature.png?width=189&name=Bobby_Cho_-_Signature.png)     **Bobby Cho** Director of Trading, itBit   ***\*OTC trading hours generally between 8AM EST and 5PM EST Please note: itBit never double counts OTC volume or USD dollar amount traded.* ** ![February 2016 itBit Bitcoin OTC Market Update](https://insights.paxos.com/hs-fs/hubfs/_itBit_OTC/February-2016-itBit-Bitcoin-OTC-Market-Update.png?width=1297&name=February-2016-itBit-Bitcoin-OTC-Market-Update.png "February 2016 itBit Bitcoin OTC Market Update")   #### [Share this infographic - click the image to download](https://insights.paxos.com/hubfs/_itBit_OTC/February-2016-itBit-Bitcoin-OTC-Market-Update.png) ### Bitcoin Trading Research Delivered to your Inbox ### Categories ### Subscribe to itBit Blog **Products** [itBit Exchange](https://www.itbit.com/exchange) [OTC Trading](https://www.itbit.com/otc) [Custody Services](https://www.itbit.com/custody) [Escrow Services](https://www.itbit.com/escrow) **Resources** [Market Data](https://exchange.itbit.com/markets) [Support Center](https://help.paxos.com) [API](https://www.itbit.com/api) [itBit Blog](https://www.itbit.com/blog) [Fees](https://www.itbit.com/fees) **Company** [About itBit](https://www.itbit.com/about-itbit) [Press](https://www.itbit.com/h/press) [Careers](https://www.itbit.com/h/careers) [Customer Support](https://www.itbit.com/contactus) [Legal](https://www.itbit.com/legal) **Crypto Assets** [Bitcoin](https://www.itbit.com/bitcoin) [Ethereum](https://www.itbit.com/ethereum) [Bitcoin Cash](https://www.itbit.com/bitcoincash) [Litecoin](https://www.itbit.com/litecoin) [Stellar Lumens](https://www.itbit.com/stellar-lumens) - [![](https://insights.paxos.com/hs-fs/hubfs/_00_PAXOS/Medium%20Updated.png?width=28&height=28&name=Medium%20Updated.png)](https://medium.com/paxos/itbit/home) - [![](https://insights.paxos.com/hs-fs/file-2672941852-svg/_itBit_Social_Icons/twitter-02.svg)](https://twitter.com/itBit) - [![](https://insights.paxos.com/hs-fs/file-2654911471-svg/_itBit_Social_Icons/linkedin-04.svg)](https://www.linkedin.com/company/itbit-pte-ltd) Copyright © 2020 Paxos Trust Company, LLC. All Rights Reserved. NMLS #1766787 Crypto asset trading involves a high degree of risk. The crypto asset market is new and unproven and may not grow. Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment. No material at this site should be considered as an offer by itBit to sell or solicitation by itBit of any offer to buy bitcoin or other crypto assets.