Despite the uncertainty that has surrounded the leading cryptocurrency, the Bitcoin market for a while now, some top crypto holders were seen stockpiling BTC towards the end of the year.
Ki Young Ju, the CEO of analytics company Crypto Quant with roughly 308,400 followers on Twitter has said that wealthy investors are aggressively stockpiling bitcoin through renowned digital asset exchange Binance.
He added that “Binance now controls 84% of all spot trading volume since Bitcoin’s price crossed the $20,000 mark. Coinbase, with 9%, is the second-largest. I’m unsure if these whales are currently crypto OGs (original gangsters) or institutions employing prime brokers.”
He further explained that the volume of spot trading in bitcoin had increased remarkably over the last six months on all exchanges despite the unstable market condition, indicating enough demand to hold out against the high selling pressure.
The benchmark virtual currency has decreased by almost 60% this year. Irrespective of this year’s big sell-off in the digital currency market, Ark Investment Management analyst, Yassine Elmandjra stands by his company’s forecast that Bitcoin’s price will rise to over a million-dollar level.
The chief investment officer of Ark, Cathie Wood, predicted earlier this year that the leading cryptocurrency in the world would strike its highest price of $1 million per coin by 2030.
However, as the Federal Reserve continues to tighten monetary policy, chasing investors away from riskier asset classes like cryptocurrencies, coin holders and miners have been selling off the token in large quantities in 2022.
Cryptocurrency investors have been reportedly waiting impatiently for the US Federal Reserve to increase interest rates, which was predicted to be by 75 basis points in the next two weeks. It was observed that the daily closed price hardly changed last month despite volume hitting a high record for the year, suggesting that some people are buying up all of the sell-side liquidity.