A closely followed quant analyst says that two major Bitcoin stakeholders are heavily accumulating BTC at current levels despite uncertain market conditions.
Ki Young Ju, the head of analytics firm Crypto Quant, tells his 308,400 Twitter followers that deep-pocketed investors are aggressively loading up on BTC through top digital asset exchange Binance.
“Whales are accumulating BTC in Binance.
Since Bitcoin price hit the $20,000 level, Binance’s 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 (original gangsters) for now.”
Ki Young Ju also highlights that Bitcoin’s spot trading volume has surged across all exchanges in the last six months, indicating that there’s sufficient demand to absorb the intense selling pressure.
“BTC spot trading volume for all exchanges increased 20x over the past six months.
The volume renewed a year-high last month, but not much change in the daily closed price, indicating someone(s) is buying all the sell-side liquidity.”
The Crypto Quant CEO also notes that whales have taken over the BTC futures markets.
“BTC futures traders are now mostly whales.
The average amount of Bitcoin deposits to derivative exchanges from other exchanges is relatively big, a five-year high.”
Based on the quant analyst’s chart, it appears that Bitcoin tends to bottom out when whales dominate the futures markets.
Looking at another crucial Bitcoin stakeholder, Ki Young Ju says BTC miners are “extremely bullish now” on the largest crypto by market cap.
“Hashrate to mining revenue ratio hit an all-time high, meaning 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.”
At time of writing, Bitcoin is swapping hands for $19,209, flat on the day.
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