AIBC

Crypto whales seen accumulating assets as prices rise

Posted:Oct 20, 2022 12:30 Category: Blockchain , Crypto , Posted by AIBC Group

Major crypto investors appear convinced prices will continue to rise and are accumulating Bitcoin and Ethereum by pulling billions of dollars worth off centralised exchanges.

Whales accumulating Bitcoin in Binance

Investors are obviously, convinced the price will continue to grow, at least according to the CEO of the crypto analytics company CryptoQuant, Ki Young Ju.  

According to the metric, Binance had the highest volume of BTC spot trading:

On the other hand, U.S. crypto exchange behemoth Coinbase only had 9 percent of the volume dominance. Still, the main reason may lie in the fact that  

Binance does offer zero-fee trading, taking just the spread on the transactions, whereas Coinbase has some of the highest fees in the industry.  

Bitcoin to hit ‘unstoppable maturation’ stage

Another report came from crypto data provider Glassnode, which showed that the net flows for Bitcoin peaked at $158.5 million for the last day. The number of Bitcoin addresses sending the asset to exchanges reached a two-year low of 4,323, indicating that an accumulation phase has already started. 

Mike McGlone, the Senior Commodity Strategist for Bloomberg Intelligence, recently commented that Bitcoin is a promising technology that might be hitting its “unstoppable maturation” stage. 

One post by CryptoQuant also showed a movement of 500 BTC following the 5k BTC shift in more than seven years old coins a time back.  

The fact that crypto whales have been actively moving funds away from centralised exchanges after active accumulation shows their belief that Bitcoin could be coming to its very bottom. 

Ethereum whales adding millions of ETH to their bags

As for Ethereum, data from Santiment showed that since September 11, Ethereum whales, who have one million or more ETH, have added over 3.5 million more coins.  

This kind of thing usually happens when investors intend to hold their assets for some longer term. Also, this might be a good way to stop possible thefts, as exchange wallets have been the most populator targets for crypto hackers. 

Also, the ETH discharge from centralised exchanges can cut down possible sell-side pressure, allowing the price of Ether to increase more quickly. 

Prices of both cryptocurrencies stood almost unchanged at 10:27 CET. Bitcoin stood at $19,143.49 while the price of Ethereum on Coinmarketcap was down slightly, off 0.07% to $1,291.55  

Join us for the AIBC Malta Summit, 16 – 18 November 2022 at the Hilton Malta Hotel

Besides its status as a business hub, Malta is the European centre of innovation for crypto, blockchain and emerging tech. This November, the island will be hosting the globe’s brightest thought leaders for premium networking opportunities and top-tier exhibitions. Be sure to visit our website and buy the perfect ticket for you.

https://www.youtube.com/watch?v=RrSWHbmNjr0&t=25s

Related Posts

Binance gets first East Asia…

Binance, the largest cryptocurrency exchange, said it will have its first East Asia license after purchasing Japan’s Sakura Exchange Bitcoin…

Crypto winter for BlockFi and…

Despite efforts to overcome challenges in what some are perceiving as a crypto crisis, two more cryptocurrency exchanges BlockFi and…

Crypto not included in SEC’s…

Cryptocurrencies are being left out of Nigeria's Securities and Exchange Commission's (SEC) plan to improve digital asset trading. Further developments…