According to BlockBeats, on September 12, according to CCData data, Bitcoin bottom-fishing users were very active on Kraken and Coinbase, buying Bitcoin at a discount when the selling pressure on other trading platforms put pressure on prices.
The bid-ask ratio (comparing buy and sell volume) on Kraken and Coinbase averaged 250% and 123% respectively this month. A bid-ask ratio over 100% means there are more buy orders than sell orders, indicating net buying bullish pressure.
“The average buy-sell ratio shows stronger buying pressure on Kraken and Coinbase, while Bybit and Binance’s buy-sell ratios are close to even at 99% and 97%, respectively,” CCData research analyst Hosam Mahmoud said in an interview. “While these observations do not lead to definitive conclusions, they suggest that Kraken and Coinbase have recently become the preferred Bitcoin accumulation platforms,” Mahmoud added.
