--- title: "itBit Bitcoin OTC Market Update: January 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/itBit-Bitcoin-OTC-Market-Update-Janaury-2016.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: January 2016 February 4, 2016 at 12:00 PM | [Bobby Cho](https://insights.paxos.com/blog/author/bobby-cho) ![itBit-Bitcoin-OTC-Market-Update-Janaury-2016.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_OTC/itBit-Bitcoin-OTC-Market-Update-Janaury-2016.png?width=1000&name=itBit-Bitcoin-OTC-Market-Update-Janaury-2016.png "itBit-Bitcoin-OTC-Market-Update-Janaury-2016.png") Our bitcoin OTC data from January shows several interesting macro trends related to market participant positioning. Trades made in early-January saw buyers place long-term foundational bets on the price of bitcoin. These trades were executed with positive December price movement and the Q4 bull run in mind. #### **[View our detailed Bitcoin OTC Market infographic for JANUARY 2016](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-january-2016#infographic)** In mid-January, price momentum slowed and sellers began to flood the market. This allowed the limited number of buyers to demand larger discounts to exchange spot prices in the second half of January. Over this time, sellers executed trades at an average discount to market of nearly 34bps, paling in comparison to the 10bps average discount during the first half of January ([see spot price vs. executions chart below](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-january-2016#infographic)). Overall, this represents a 232% change in market dynamics as buyers exercised control and clearly dictated execution prices. | **itBit Bitcoin OTC Market Data Summary for January 2016** | | | --- | --- | | **Total Bitcoin Volume Traded** | 21,287 XBT | | **Total USD Amount Traded** | $8.6 Million | | **Average Daily Trading Volume** | 1,064 XBT | | **Month-over-Month Trading Volume Growth** | -8.6% |   **January Highlights from the itBit OTC Desk** - Remittance client volume rose nearly 2% month-over-month. - Institutional client volume continued to grow, increasing 2.1% month-over-month. - Significant growth in non-US OTC volume. Countries with notable volume growth include Japan (377%), Canada (171%) and India (67%). - Welcomed new OTC clients from Hong Kong and Switzerland ([see heat map below](https://www.itbit.com/blog/itbit-bitcoin-otc-market-update-january-2016#infographic)), bringing the number of countries we currently service to 17.    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   ***Please note: itBit never double counts OTC volume or USD dollar amount traded.* ** ![January-2016-itBit-Bitcoin-OTC-Market-Update.png](https://insights.paxos.com/hs-fs/hubfs/_itBit_OTC/January-2016-itBit-Bitcoin-OTC-Market-Update.png?width=800&height=1703&name=January-2016-itBit-Bitcoin-OTC-Market-Update.png "January-2016-itBit-Bitcoin-OTC-Market-Update.png")   #### [Share this infographic - click the image to download](https://insights.paxos.com/hubfs/_itBit_OTC/January-2016-itBit-Bitcoin-OTC-Market-Update.png?t=1454597382528) ### 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.