Accumulation of Bitcoin has been occurring on major exchanges according to recent findings from analytics firm CryptoQuant.
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.“The volume renewed a year-high last month, but not much change in the daily closed price, indicating someone is buying all the sell-side liquidity.”
Binance does offer zero-fee trading, taking just the spread on the transactions, whereas Coinbase has some of the highest fees in the industry. This could suggest that the volumes are retail-driven rather than institutional.that the number of Bitcoin addresses sending the asset to exchanges just reached a two-year low of 4,323.
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