Cumberland's OTC desk reports mini-surge of large BTC orders in a single hour late Monday night

Cumberland, the cryptocurrency OTC shop run by Chicago-based DRW, says its desk saw more than 10 separate bids of more than 1,000 BTC orders within an hour late Monday evening. The OTC shop released post-trade analysis of that night's bitcoin rally — which saw a 20% surge in one hour — stating the volumes, "appear to be actual buyers vs. forced liquidations," in a desk update tweet.

In a separate tweet yesterday, Cumberland noted that for the first time in eight weeks the price of bitcoin had risen by more than 10%, adding "we are watching for $5,000 (the next even number) and $5,500-$5,800," The latter range representing previous resistance points which were tested during BTC's run-up (and down) to $20,000.

Operating since 2014, DRW Cumberland trades upwards of 40 crypto assets OTC, and recently rolled out a new electronic trading platform, dubbed Marea, to interact with its trading counter-parties.