Bitcoin (BTC) whales – the largest holders of coins on the network – have been accumulating BTC since the price first hit the $20,000 level in June this year, one leading analyst argues.
According to a tweet from Ki Young Ju, CEO of the crypto analytics platform CryptoQuant.com, the whale accumulation can be seen from a recent strong increase in exchange trading volumes, particularly on Binance.
Looking at all exchanges as a whole, volume increased over 20x over the past six months, with the vast majority of the increase coming from Binance, the tweet said.
“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 CryptoQuant CEO wrote, before jokingly asking:
“@CZ_Binance sir, this is bullish, right?”
At the same time as volume has increased, the share of the overall trading volume that takes place on Binance – by far the largest crypto exchange by volume – “skyrocketed,” and is now...
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