The CEO of on-chain cryptocurrency data firm CryptoQuant, Ki Young Ju, has revealed that data is showing Bitcoin ($BTC) whales are aggressively adding to their portfolios at around the $20,000 mark through leading cryptocurrency exchange Binance.
In a tweet Ki Young Ju shared with his over 300,000 followers on the microblogging platform, he noted that since $BTC hit the $20,000 mark Binance spot trading volume dominance “skyrocketed” to now hit 84%. The second-largest exchange, he said, is Coinbase at 9%.
It’s worth noting that over the summer Binance launched zero-fee BTC trading pairs, allowing users to trade on several pairs featuring the flagship cryptocurrency without any trading fees, which heavily incentivizes trading volumes.
Ki young Ju’s analysis notably also added that BTC spot trading volume for every cryptocurrency exchange rose over the past six months, not just that of Binance. The CEO wrote that spot volume “for all exchanges increased 20x” over said period, but added that the volume “renewed a year-high last month, but not much change in the daily closed price, indicate someone(s) is buying all the sell-side liquidity.”
The CEO also added that $BTC futures traders are “now mostly whales,” while sharing a chart that seemingly implies that when whales dominate Bitcoin futures trading, prices are near a bottom.
Various analysts are still bullish on BTC. As CryptoGlobe reported, a panel of 55 cryptocurrency experts has revealed that they believe the price of the flagship cryptocurrency Bitcoin could surge to hit $270,000 by 2030, while predictions for the end of this year still see the cryptocurrency’s price rising.
The expert panel predicted that BTC would trade at around $21,000 by the end of this year, below their previous prediction of $25,400 made in July of this year. In April 2022, the portal’s expert panel was predicting the flagship cryptocurrency would end the year at around $65,000 per coin.
Yassine Elmandjra, an analyst at Ark Investment Management, has defended the firm’s prediction that the price of the flagship cryptocurrency BTC will top $1 million in the future.
Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds (ETFs), Cathie Wood, that BTC would top $1 million by 2030.
While the price of BTC and other risk assets has been plunging over the past few months, as the U.S. Federal Reserve and other central banks raise interest rates in a bid to tame inflation. Elmandjra said there’s still a significant opportunity in investing in BTC, as it has a number of potential use cases.
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