Whales (whales) from Bitcoinwhich are the largest BTC holders on the network, have accumulated a huge amount since the price first hit the $20,000 level in June this year.
From a tweet by Ki Young Ju, CEO of the crypto analytics platform CryptoQuant.com, the accumulation achieved by the whales is visible in the recent sharp increase in trading volumes in the cryptocurrency marketsin particular on Binance.
Looking at all exchanges as a whole, volume has increased more than 20 times in the past six monthswith the vast majority of the increase coming from Binance, the tweet reads.
“Volume touched a yearly high again last month, but there hasn’t been much change in the daily price, indicating that someone(s) is buying all the cash,” wrote the CEO of CryptoQuant, before jokingly asking:
“Mr @CZ_Binance, that’s bullish right?”
Along with the increase in volume, the share of overall trading volume on Binance – by far the largest crypto exchange by volume – has “skyrocketed”, and now stands at 84%, Ki Young Ju wrote. . He adds that Coinbase is the second largest exchange by volume, with a 9% market share.
While it is generally accepted that the current promotion running on Binance, namely no trading fees, has contributed to the increase in volume on the exchange, Ki Young Ju hinted that he could there is more than you think:
“I agree that their free policy may have attracted more investors, but why do you think they use wash trading bots? They were already the first exchange with half the volume since 2020 “, he pointed out.
When Binance first introduced zero-fee trading on select BTC pairs in July this year, trading volumes jumped immediately.. The cause was probably traders who practiced wash trading to increase their status with the exchange where high trading volumes were rewarded with various benefits.
To counter the issue of wash trading, Binance CEO Changpeng Zhao (“CZ”) said zero-fee BTC pairs would be excluded from VIP status calculation.
In August this year, Binance also waived trading fees on some of its most popular Ethereum (ETH) pairs, helping the exchange keep pace with trading volumes despite falling cryptocurrency prices.
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