Ki Young Ju, CEO of on-chain cryptocurrency data firm CryptoQuant, has data that Bitcoin ($BTC) whales are actively adding to portfolios around $20,000 through leading cryptocurrency exchange Binance. clarified what it indicates.
In a tweet shared with more than 300,000 followers on the microblogging platform, Ki Young Ju said that since BTC surpassed $20,000, Binance’s spot trading volume dominance “surge”, now reaching 84%. said that According to him, the second largest exchange is Coinbase with him at 9%.
It’s worth noting that Binance launched in the summer. Zero commission BTC trading pairsusers will be able to trade on several pairs featuring flagship cryptocurrencies without transaction fees, resulting in a significant increase in trading volume.
It’s also worth noting that BTC spot trading volume on all cryptocurrency exchanges, not just Binance, has increased over the past six months, according to Ki Yong-ju’s analysis. Spot trading volume increased 20 times,” but trading volume “renewed a yearly high last month, but there is no significant change in daily closing prices, and someone is buying all exchanges. shows,” he added. sell-side liquidity
The CEO also added that $BTC futures traders are “mostly whales now” and shared a chart that appears to suggest prices are nearing a bottom when whales dominate Bitcoin futures trading.
Various analysts remain bullish on BTC. As reported by CryptoGlobe, a panel of 55 cryptocurrency experts has determined that the price of Bitcoin, the leading cryptocurrency, Soaring to $270,000 by 2030forecasts for the end of the year still see cryptocurrency prices rising.
Expert panel We predicted that BTC would trade around $21,000 by the end of the year. This is below the previous forecast of $25,400 made in July of this year. In April 2022, the portal’s expert panel predicted that the flagship cryptocurrency would end the year at around $65,000 per coin.
Ark Investment Management analyst Yasin Hermanjula has defended his firm’s prediction that the price of major cryptocurrencies will fall. BTC Will Exceed $1 Million In The Future.
Elmandjra defended a price prediction by exchange-traded fund (ETF) fund manager Cathy Wood on Ark’s flagship innovation theme of BTC surpassing $1 million by 2030.
Prices of BTC and other risky assets have plummeted in recent months as the US Federal Reserve and other central banks hiked interest rates to curb inflation. Elmandjra said there are still huge opportunities for investing in BTC as there are many potential use cases for BTC.
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