Multiple cryptocurrency trading companies report rapid growth in OTC trading volume in recent months

According to The Block, multiple cryptocurrency trading companies have recently reported a rapid increase in over-the-counter (OTC) trading volume in recent months, with election results becoming an important driving force. Tim Ogilvie, the head of institutional business at Kraken Exchange, said, "Off exchange trading is currently exceptionally active, with trading volume surging along with price increases." He revealed that Kraken's off exchange trading volume has increased significantly by 220% year-on-year, and other trading companies have also reported similar growth. Jake Ostrovskis, an off exchange trader at market maker Wintermute, pointed out that the market was relatively calm in the middle of the year, but as the election approached and prices rose, market participants began to actively prepare for the election results. He stated that Wintermute has been in talks with some clients for many years, and the election results have become an opportunity for them to initiate transactions. Similarly, Embert Lin, a trader at market maker GSR, stated that since the election, the company's trading volume has significantly increased. With the rise in prices of Bitcoin, Ethereum, and altcoins, the enthusiasm of projects and investors to manage funds and risks at these prices has significantly increased, while also seeking new opportunities to access other cryptocurrency assets beyond BTC and ETH. A trader from an over-the-counter trading company privately revealed that the recent trading volume has easily reached the level of the peak of cryptocurrency market heat in 2021. In addition, Brett Reeves, head of Go Network at cryptocurrency custodian BitGo, pointed out that the election results were the main driving factor behind the recent surge in trading volume, with two-thirds of the trading volume generated within three months after the election results were announced.