Crypto: Bitcoin (BTC) whales are taking Binance by storm!

Fri 21 Oct 2022 ▪ 9:00 a.m. ▪
4
min read – by
Cédrick Aimé GUELANG OFALABEN

The crypto industry is still far from its best, but it still generates so much interest. The current bear market does not prevent large investors from accumulating virtual currencies in the hope of a recovery. According to Ki Young Ju, the CEO of Cryptoquant, Binance holds the gold medal for the highest volume of bitcoin (BTC) transactions. This is the result of the conclusions he published on October 20 on his Twitter account.

Bitcoin whales buy all cash on sale

Binance Shows Largest Bitcoin Trade Volume Dominance

The crypto industry is currently going through a bear market prolonged. However, big investors sense a huge profit opportunity and grab all the cash put up for sale. This is the plausible analysis imposed by the bitcoin whale strategy at present. Indeed, large holders would have taken advantage of the valuation of bitcoin at $20,000 to massively store BTC on Binance.

He’s the CEO of Cryptoquant, Ki Young Ju, who disclosed this information. He split a tweet in which he underlines the strong domination of bitcoin exchanges currently by Binance. We could read in his report of October 20 that: “Binance’s spot trading volume dominance has skyrocketed since bitcoin price hit the $20,000 level and is now at 84%,” he pointed out.

In addition, he also argues that the change in volumes is not recent, it dates from last month. With the only difference, the daily closes remain practically the same as before. This can only mean one thing, a few investors are buying up all the cash put up for sale.

In terms of bitcoin trading volume, Binance is far ahead Coinbase, the American crypto exchange platform. The latter comes in second place with only 9% market dominance. This difference can also be justified by the absence of fees when transferring to Binance, which are distributed exclusively on transactions. Quite the opposite of Coinbase, which has a bad reputation for offering the highest fees in the industry. This difference hides another truth, bitcoin trading volumes here would lean on retail and not institutionally.

Conclusion

Apart from this news, Glassnode also sees the decline in bitcoin addresses that transmit assets to exchanges. However, dips in the sending of bitcoins usually mean the accumulation of assets for resale when the time is right.

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Cédrick Aimé GUELANG OFALABEN avatar
Cédrick Aimé GUELANG OFALABEN

Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.

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Crypto: Bitcoin (BTC) whales are taking Binance by storm!