Despite the holidays, the Coinbase crypto exchange has seen high activity of bitcoin whales since the end of December.
According to the analytical company Kaiko, the number of transactions with a large volume of BTC has been increasing on the trading floor since last week. As a result of the activation of whales, Coinbase's share of the spot market among the leading cryptocurrency exchanges soared from 45% to 68%, the researchers found.
Clara Medal, representing the Kaiko analyst team, stressed that Coinbase has never seen such a surge in whale activity before. There is usually relatively stable trading on the exchanges.
The medal believes that large BTC holders were buying up coins amid the low value of the digital currency.
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Bitcoin trading volume on Coinbase jumped almost 1.5% only on December 30. In the first days of January, increased whale activity was also observed. Only this time, major players mainly sold cryptocurrency, which triggered a new phase in the weakening of bitcoin and other coins.
A report from Coinbase Institutional published back on December 24, said that during the holidays, the spot price is likely to fluctuate in a narrow range.
Moreover, the value of BTC on spot exchanges will be as close as possible to the strike price on the options market, at which most contracts are canceled.
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According to the Santiment team, in October, whale wallets controlled about 49.5% of the total Bitcoin supply.
As a result of the subsequent reset of the cryptocurrency, this figure dropped to 48.9%, that is, large investors sold part of their BTC.