According to a widely-followed quantitative expert, two large Bitcoin stakeholders are amassing BTC at present prices despite uncertain market circumstances.
The CEO of the analytics business Crypto Quant, Ki Young Ju, informs his 308,400 Twitter followers that institutional investors are actively purchasing Bitcoin via the leading digital asset exchange Binance.
Since the price of Bitcoin reached $20,000, Binance’s spot trading volume dominance has soared to 84%. The second largest is Coinbase, with a 9% market share.
Ki Young Ju also notes that the spot trading volume of Bitcoin has increased across all exchanges over the last six months, showing that there is enough demand to absorb the heavy selling pressure.
“Over the previous six months, BTC spot volume on all exchanges multiplied by 20.”
The volume reached an all-time high last month, but the daily closing price remained relatively unchanged, suggesting that someone is purchasing all of the sell-side liquidity.
Additionally, the CEO of Crypto Quant says that whales have grabbed control of the BTC futures markets. “The majority of BTC futures traders are now whales.”
The average quantity of Bitcoin transfers from other exchanges to derivative exchanges is quite significant, reaching a five-year high.”
According to the quantitative analyst’s data, Bitcoin tends to bottom out when whales dominate futures markets.
Ki Young Ju observes that Bitcoin miners are “very positive” about the biggest cryptocurrency by market capitalization.
“The ratio of hashrate to mining income has reached an all-time high, indicating that they continue to invest in infrastructure despite extremely low BTC mining earnings. In the past, miners were submerged temporarily but never failed in the long run.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.