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Concepts
OTC (Over-The-Counter)
Off-exchange trade between two parties — invisible on standard order books
What is OTC (Over-The-Counter)?
Large block trades (e.g. $50M+) arranged via OTC desks (Cumberland, Galaxy, Genesis). Settle on-chain but don't move exchange-flows in standard data. Important caveat for whale-flow interpretation.
Context anchor
Why some whale TXs look like 'just a wallet move' — they're actually OTC settlements.