- CryptoQuant CEO said wealthy investors are massively trading BTC on Binance.
- Binance controls 84% of BTC trading volume, while Coinbase (NASDAQ:COIN) takes only 9%.
- There is a tendency for a bullish outlook as long-term holders are not selling Bitcoin.
Affluent crypto investors are actively hoarding Bitcoin (BTC) through the famous digital asset exchange Binance, according to Ki Young Ju, the CEO of analytics firm Crypto Quant.
Young Ju revealed that since BTC crossed the $20k price point, spot trading volume dominance on the largest crypto exchange, Binance skyrocketed despite uncertain market conditions. A screenshot from CryptoQuant hinted that Binance controls 84% of the trading volume while Coinbase exchange takes the second position with only 9%.
Whales are accumulating $BTC in #Binance.Since #Bitcoin price hit the $20k level, @Binance spot trading volume dominance skyrocketed, and it's now 84%. The second biggest is Coinbase, 9%.Not sure whether these whales are institutions using prime brokers or crypto OGs for now. 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.
Additionally, a chart by CryptoQuant revealed that the average amount of BTC deposits to derivative 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 hit an all-time high. He said:
They keep investing in infrastructure despite very small BTC mining revenue. Historically, miners were underwater in the short term but never failed in the long term
Furthermore, a tweet the CEO pinned to his Twitter page suggested that there is a tendency for a bullish outlook as long-term holders are not selling Bitcoin alongside institutions accumulating the coin. 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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