Whales hoard bitcoin: What does it mean for the market?

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Despite the bearish bitcoin (BTC) market, there are signs of significant buying by large savers, noted Ki Young Ju, CEO of CryptoQuant, on Twitter. These BTC purchases may indicate that there are entities that see an investment opportunity at current prices below $20,000.

Binance’s BTC spot trading volume has risen to 84 percent of the total, Young Ju noted, while second place is Coinbase, with 9 percent.

In the chart below, published by CryptoQuant, shows the evolution of spot trading volume on Binance (mustard) and Coinbase (blue). Spot BTC volume on these two exchanges currently account for 93% of the total volume.

Whales are piling up #BTC on @Binance. Since the price of #Bitcoin reached the $20,000 level, @Binance’s spot trading volume has risen to 84%. [del total transado]. The second largest is Coinbase, with 9%. I’m not sure if these whales are institutions using top-tier brokers, or if they are Crypto OG..

Ki Young Ju, CEO of CryptoQuant.

Crypto OG is a slang term for bitcoin that signals. To market participants who have acted in the early stages of trading. The acronym OG, not without humor, stands for “original gangsters.”

Bitcoin spot volume growth over the past six months. would indicate that demand is sufficient to counter selling pressure. This has kept the price of bitcoin about 60 percent below its value at the beginning of the year.

For French bitcoin market analyst Professor Chaine, there are several signs that would indicate the formation of a bitcoin minimum priceas reported by CryptoNews on Saturday, October 22. For the fourth time in bitcoin’s history, the cost basis of short-term savers (STH) holding bitcoin rose to an all-time low. fell below the cost basis of long-term savers. (LTH). This same interaction between the two curves was highlighted by CryptoNews in the Featured chart of the weekIn the September 26 markets bulletin.