While large investors on Kraken and Coinbase are scooping up Bitcoin at falling prices, selling pressure continues on other exchanges.
According to CCData, Bitcoin opportunity hunters on Kraken and Coinbase platforms are quickly snapping up discounted coins while prices remain under pressure from selling pressure on other exchanges. On these two platforms, buy-sell rates have revealed that opportunity hunting has increased.
This month, bid-ask ratios on Kraken and Coinbase have risen to 250% and 123%, respectively, according to data tracked by London-based CCData. A ratio above 100 indicates that buying is outpacing selling and there is clear upward pressure in the market.
Bitcoin has returned to the $58,000 level this week after falling from $60,000 to $52,500 at the start of the month, but prices are still down more than 7% overall in the third quarter.
Hosam Mahmoud, research analyst at CCData, made the following statement on the subject:
The bid-ask ratios on Kraken and Coinbase indicate stronger buying pressure compared to the nearly balanced ratios on Bybit and Binance. Bybit has a 99% ratio, while Binance has a 97% ratio.
According to Mahmoud, instant or daily transactions on Bybit and Binance mostly indicate individual investors, while deal hunting on Kraken and Coinbase came from large investors.
This is because the average transaction size for Bitcoin-Tether (BTC/USDT) spot pairs this month was $898 on Bybit and $747 on Binance, compared to $2,148 on Kraken and $1,321 on Coinbase.
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