BTC whales have dominated new derivatives exchange deposits, pushing the metric to a five-year high
Kei Young Joo is a crypto market analyst and CEO of Cryptoquant. share The data indicates that the bitcoin (BTC) futures market is now dominated by whale investors.
His analysis draws judgment from all exchanges to derivatives exchange flow mean indicator. The metric shows that the average amount of BTC deposits to derivatives exchanges from other exchanges is “relatively big.” In fact, the derivatives exchange deposits are at a five-year-high.
Xu also highlighted that the dominance of whales in the derivatives markets is in contrast to the market conditions in December 2021, when retail traders dominated the BTC futures market primarily with small derivatives market deposits.
BTC whales exhibiting peculiar behavior
The CEO previously noted that whales are accumulating spot BTC on the world’s largest exchange by trading volume Binance. Their massive buying activities have pushed BTC spot volumes for all exchanges to increase 20x in the past six months.
U.Today Opened First A single whale that has managed to stay in profit despite losing over 70% of BTC’s value. The entity that has moved over 47,800 BTC has managed to make bitcoin purchases outright short.
BTC is currently trading at around $19,000, down 0.86% on the day at the time of writing. According to popular Bitcoin skeptic Peter Schiff, the price performance of BTC could be an indicator that the benchmark crypto could lead to the next cross-market price dip.
