Accumulation of Bitcoin has been occurring on major exchanges according to recent findings from analytics firm CryptoQuant.
Crypto markets may be in the depths of a lengthening bear market, but that provides the perfect environment to accumulate Bitcoin for those with conviction that there will be a recovery.
This is exactly what has been happening, according to CryptoQuant’s CEO, Ki Young Ju, who posted his findings on Oct. 20. The metrics reveal that Binance has the highest volume of BTC spot trading for the world’s premier crypto asset.
“Since Bitcoin price hit the $20k level, Binance spot trading volume dominance skyrocketed, and it’s now 84%,” he notedhttps://twitter.com/ki_young_ju/status/1582840466772410368?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1582840466772410368%7Ctwgr%5E0052affcc9ce4362c4a3d2b361620ec7f8fbdcee%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcryptopotato.com%2Fbitcoin-whales-accumulating-on-binance-according-to-on-chain-metrics%2F
Bitcoin Spot Volumes Increasing
U.S. crypto exchange giant Coinbase only had 9% of the volume dominance and lagged way behind Binance. Ki Young Ju added that he wasn’t sure whether the whales were institutions using brokers or just “crypto OGs.”
More importantly, was the revelation that BTC spot trading volumes for all exchanges have increased twenty times over the past six months as its price has fallen then flattened.