- CryptoQuant’s boss Ki Young Ju claims that whales have started to accumulate Bitcoin on Binance.
- Binance’s BTC spot trading volume accounted for 84% of overall trades in the market.
- Young Ju’s followers stated that the increase in trading volume was due to zero fees and/or wash trading.
Ki Young Ju, the CEO of on-chain analytics firm CryptoQuant, claims that whales have started to acquire Bitcoin on Binance since the price of BTC hit the $20k level.
In a recent tweet, Young Ju revealed an image of the top two exchanges that dominate the BTC spot trading volume on July 2022.
According to Cryptoquant’s CEO, Bitcoin’s overall spot trading volume for all crypto exchanges skyrocketed 20 times over the last six months. Last month, the trading volume of Bitcoin has “renewed a year-high.”
Since the daily closed price hasn’t changed that much, Young Ju concludes that whales are purchasing all the sell-side liquidity on BTC spot trading volume for all exchanges. In addition, he also asked Binance’s CEO, Changpeng ‘CZ’ Zhao, if it indicates a bullish trend. CZ hasn’t responded to his tweet yet.
In early July, Binance launched an offer that allows zero trading fees for thirteen Bitcoin spot trading pairs in celebration of its fifth anniversary. Without exception, Binance users could enjoy zero maker and taker fees rebates for BTC spot trading, but disqualifies those trades that “display attributes of self-dealing or market manipulation.”
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Young Ju’s tweet produced mixed reactions from his 300k followers, some are bullish, but others indicated that the data shows no impact other than pointing to the zero fees and wash trading, an illegal activity in which a trader buys and sells the same security in an effort to manipulate the market.
Meanwhile, the CryptoQuant boss replied that Binance doesn’t have a reason to run wash trading bots due to the fact that they are already the number one exchange worldwide, leaving a question of who runs those wash trading bots.
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