According to one popular quant analyst, Ki Young Ju, two key Bitcoin stakeholders are rushing to accumulate Bitcoin tokens at current prices despite the crypto bear market.
The head of Crypto Quant, an analytics firm, explained on Twitter that major Bitcoin investors are increasing their Bitcoin holdings via Binance, a top crypto exchange.
After Bitcoin was able to reach the $20,000 level, spot trading volumes on Binance skyrocketed, dominating the market by 84 percent. The second-ranking spot trading platform is Coinbase, which is at 9 percent.
Bitcoin Spot Trading Volume Increases over All Exchanges
The Crypto Quant analyst also explains that spot trading volumes for Bitcoin have skyrocketed throughout various exchanges over the past half year.
Hence, it could mean that there is enough demand to make up for the selling pressure. Various charts show that the spot trading volumes for Bitcoin across exchanges increased by 20x over the last six months.
As per various observations, volumes reached a year-high in September but there was less change in the daily closing price. This could mean that someone is purchasing the sell-side liquidity.
Whales Taking Over BTC Futures Markets
The CEO of Crypto Quant is seeing a growing trend of whales taking over Bitcoin futures markets. Speaking to his 308,400 followers on Twitter, he explains that most Bitcoin futures traders on the market are crypto whales.
He also said that the average number of BTC deposits from exchanges to derivative exchanges is at a five-year high.
Ki Young Ju’s chart shows that as crypto whales take over the market, Bitcoin starts to bottom out. Keeping an eye on other crucial Bitcoin stakeholders, the Crypto Quant CEO explains that Bitcoin miners have highly bullish sentiments on the reigning cryptocurrency.
On his Twitter thread, he elaborated that the ratio between hashrate and mining revenue reached an all-time high level.
This indicates that they’re continuing to invest in network infrastructure even though the amount of revenue for BTC mining is particularly low.
He then looks back and previous trends and explains that although miners were underwater in the short term, they didn’t fail in the long term. Currently, Bitcoin is trading for $19,209 on major exchanges.
SHIB Whale Hoards Trillions of Tokens
While Bitcoin stakeholders and whales aggressively collect tokens, the same goes for a particular Shiba Inu Whale. This past week, the 7th biggest SHIB whale added 96.74 billion SHIB tokens to their crypto wallet in a mega transaction.
According to various crypto whale trackers, this SHIB whale has been on a roll these last couple of days. With 9 transactions, the SHIB whale scooped up more than 322 billion tokens.
Currently, the 7th biggest SHIB whale has 15.63 trillion Shiba Inu tokens worth about $155 million.
