Despite the bear market, Bitcoin whales have gradually been accumulating large amounts of Bitcoin.
Since the price of Bitcoin hit $20,000, Binance's BTC spot trading volume has skyrocketed.
Large amounts of BTC are being held by crypto whales on Binance and Coinbase.
Bitcoin whales like Binance and Coinbase
Crypto whales have kept themselves busy by accumulating Bitcoin.
With the launch of zero-fee spot BTC trading, crypto whales were quick to scoop up large amounts of Bitcoin, fueling the BTC whale activity.
Since the beginning of 2022, Bitcoin has plunged to dangerous lows, hovering within the range of $19,000- $22,000. Bear market Bitcoin prices have attracted whales via Binance.
Binance spot trading volume has surged dramatically. Binance takes the number one spot for Bitcoin accumulation while Coinbase takes second place.
Cryptoquant CEO, Ki Young Ju, is still unsure whether the accelerated pace of BTC accumulation by whales is 'institutions using prime brokers or crypto OGs'
Ju further noted how BTC spot trading volume for all exchanges has increased 20x in the past six months.
The Cryptoquant CEO later shared:
volume renewed a year-high last month but there hasn't been a change in the daily closed price, indicating someone is buying all the sell side liquidity.'
It's common for whales and the average investor to accumulate bottomed-out charts during a bear market. Although nobody knows if Bitcoin's chart has bottomed out yet, whales and traders alike are getting stuck in.
BTC price
Bitcoin has been trading in a range between $19,000 and $22,000 for months since June 2022. There is strong resistance above $20,000 and most investors believe BTC is due for another correction.
Although Bitcoin has been down, the network's hashrate reached an all-time high at the beginning of October.
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