CJ - Cryptocurrency Specialist
According to Ki Young Ju, the CEO of analytics company Crypto Quant, wealthy cryptocurrency investors are actively stockpiling Bitcoin (BTC) through the renowned cryptocurrency exchange Binance.
Young Ju stated that despite uncertain market circumstances, spot trading volume domination on the biggest cryptocurrency exchange platform Binance has increased since BTC crossed the $20k price milestone. According to a snapshot from CryptoQuant, Binance is in charge of 84% of trade volume, while Coinbase exchange comes in second with 9%.
According to CryptoQuant CEO, one of the factors that may explain Binance's dominant trading volume is its newly introduced zero-fee Bitcoin trading policy. The average quantity of BTC deposits from other exchanges to derivative exchanges has been relatively high, reflecting a five-year high, according to a graphic by CryptoQuant. Based on the data, CEO Ju came to the conclusion that most whales trade Bitcoin futures.
As the hash rate to mining revenue ratio reached an all-time high, Young Ju also made some observations about the activities of Bitcoin miners. He stated that despite the little profits from Bitcoin mining, they continue to invest in infrastructure. Miners have always failed in the near term but never in the long run.
A message that the CEO pinned to his Twitter page also suggested that there was a propensity for an optimistic outlook since long-term investors are not selling Bitcoin and institutions are accumulating the currency. "It is time to take such facts seriously," he asserts.