Whales accumulate a lot of Bitcoin via Binance & Coinbase By CoinEdition
© Reuters. Whales accumulate a lot of Bitcoin via Binance and Coinbase- The CEO of CryptoQuant said that wealthy investors are massively trading BTC on Binance.
- Binance controls 84% of BTC trading volume, while Coinbase (NASDAQ: ) only takes 9%.
- There is a tendency for a positive outlook as long-term owners are not selling.
Wealthy crypto investors are actively hoarding Bitcoin (BTC) through the famous digital asset exchange Binance, according to Ki Young Ju, CEO of research firm Crypto Quant.
Young Ju revealed that since BTC crossed the $20k price point, spot trading volume dominance on the largest crypto exchange, Binance has skyrocketed despite uncertain market conditions. A screenshot from CryptoQuant suggested that Binance controls 84% of trading volume while the Coinbase exchange takes second place with just 9%.
Whales accumulate $BTC in #Binance. Since the #Bitcoin price hit the $20k level, @Binance spot trading volume dominance has skyrocketed and is now 84%. The second largest is Coinbase, 9%. Not sure if these whales are institutions using prime brokers or crypto-and-is for now. pic.twitter.com/544NJo9T1z
— Ki Young Ju (@ki_young_ju) October 19, 2022
One of the reasons that could account for Binance’s lion’s share in trading volume, according to the CryptoQuant CEO, is the recently launched zero-fee Bitcoin trading policy.
Additionally, a chart from CryptoQuant revealed that the average amount of BTC deposited into derivatives exchanges from other exchanges has been relatively high, representing a five-year high. CEO Ju concluded that Bitcoin futures traders are mostly whales based on the data.
Young Ju also commented on the activities of Bitcoin miners as the hash rate to mining revenue ratio reached an all-time high. He said:
They continue to invest in infrastructure despite very little BTC mining revenue. Historically, miners were under water in the short term but never failed in the long term
Furthermore, a tweet that the CEO pinned to his Twitter page suggested that there is a tendency towards a positive outlook as long-term holders are not selling Bitcoin along with institutions hoarding the coin. He believes “it is time to take these facts seriously.”
Meanwhile, as Bitcoin’s price fluctuates between $19,150 and $19,500, the crypto market has been quite stable. In addition, Ethereum’s price increased by 3% in the previous 24 hours, touching the $1,350 mark.
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