© Stocksak. Whales Massively Accumulate Bitcoin via Binance & Coinbase
- CryptoQuant CEO stated that wealthy investors are heavily trading BTC on Binance.
- Binance controls 84%, while Coinbase (NASDAQ) only takes 9%.
- Bullish sentiment is common as long-term owners are not selling.
According to Ki Young Ju (CEO of analytics firm Crypto Quant), crypto investors who are wealthy are actively holding Bitcoin (BTC), through Binance, the most famous digital asset exchange, according to Ki Young Ju.
Young Ju explained that spot trading volume dominance at Binance, the largest crypto exchange, has increased significantly since BTC crossed $20k. Despite uncertain market conditions. CryptoQuant’s screenshot indicated that Binance controls 84%, while Coinbase holds the second place with only 9%.
#Binance whales have been accumulating $BTC since the #Bitcoin price reached $20k. Since then, @Binance spot trading volume dominance has skyrocketed to 84%. Coinbase is the second largest, at 9%. We are not sure if these whales are institutions that use prime brokers or crypto-OGs. pic.twitter.com/544NJo9T1z
— Ki Young Ju (@ki_young_ju) October 19, 2022
One of the reasons that may account for Binance’s lion’s share in trading volume, according to CryptoQuant CEO, is its recently launched zero-fee Bitcoin trading policy.
CryptoQuant’s chart also revealed that the average amount BTC deposits made to derivative exchanges from other platforms has been quite high, reaching a five year high. Based on the data, CEO Ju concluded that Bitcoin futures traders were mostly whales.
Young Ju also commented about the activities of Bitcoin miners, as the hashrate to mining revenue ratio hit an all time high. He said:
They continue to invest in infrastructure, despite very little BTC mining revenue. Miners have always been in trouble in the short-term, but they never failed to succeed in the long-term.
The CEO also pinned a tweet to his Twitter account that suggested a bullish outlook, as long-term Bitcoin holders are not selling the currency alongside institutions that own it. He believes “it is time to take those facts seriously.”
Meanwhile, as Bitcoin’s price swings between $19,150 and $19,500, the crypto market has been pretty stable. In addition, Ethereum’s price increased by 3% in the previous 24 hours, touching the $1,350 mark.
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