Expert: Market Makers Behind Bitcoin Trading Volume Stability
Cryptoquant CEO, Ki Young Ju, says that crypto whales scooped up Bitcoin in the $16,000 to $24,000 range. Read more....
- Cryptoquant CEO, Ki Young Ju, claims that crypto whales have been buying Bitcoin in the $16,000 to $24,000 range.
- Ju believes that market makers have influenced the stability in the trading volume ratio in BTC markets between stablecoin pairs and USD pairs.
- Without market makers, Ju suggests that the actions of whales would lead to significant fluctuations in the Bitcoin market.
- Ju supports his opinion with a chart showing fluctuations in Stablecoin and USD inflows at specific price levels on Coinbase and Binance.
- A Twitter user named Few disagrees with Ju's analysis, pointing out factors such as zero fees on Binance USDT pairs and the USDC depeg on Coinbase.
- Ju acknowledges Few's observations but maintains the impact of Binance inflows on whale activity.
- Bitcoin recently reached a new yearly high of $31,458 but has since traded sideways around $30,724.
- The bullish sentiment at the beginning of 2023 appears to have been rejuvenated by the latest surge in Bitcoin's price.
The sentiment of the article is mostly neutral, with Ki Young Ju presenting his opinion on the influence of market makers and the actions of crypto whales on the Bitcoin market. There is a disagreement from another analyst, but the overall tone remains informative.