Bitcoin [BTC] whales seemed to have decided on relegating other stablecoins with their current preference for the Binance stablecoin, BUSD.
According to Mignolet, a CryptoQuant analyst, on 27 September, the cryptocurrency exchange experienced its highest trading volume since June.
According to the analyst, this was due to increased whale activity. Consequently, another noticeable aspect was that the increased trading volume was accompanied by a preference for BUSD by the same whales.
Source: CryptoQuant
While Mignolet noted that the inflow did not lead to withdrawals, some other movements were witnessed in the overall exchange activity. Based on data from the analytics platform Glassnode, cumulative withdrawals spiked more than usual in the last few days.
Furthermore, the platform showed that while there were 36,154 transfers on 25 September, the investors’ withdrawal count was 55,726 at press time. The implications could mean that many investors were not enthusiastic about a crypto market recovery.
Source: Glassnode
Furthermore, upon considering the inflow part, the number of deposits wasn’t close to the outward transfers. Despite recording over 22,000 deposits two weeks back, the mean exchange inflow had decreased to 19,429.
With the current indications, it could mean that Binance was the only exchange experiencing such an increase. However, it seemed that only the BTC bought with BUSD was getting massive inflows. Emerging reports from Glassnode showed the seven-day outflow volume of BUSD was at an all-time high of 4,840,318.404.
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