According to analytical company Kaiko, the number of transactions involving a large volume of BTC has been increasing on US-based crypto exchange Coinbase since last week. As a result of the activation of whales, Coinbase’s share of the spot market among the leading crypto exchanges has increased from 45% to 68%.
Clara Medal, who represents the Kaiko analyst team, has said Coinbase has never seen such a surge in whale activity before. There is usually relatively stable trading on the exchanges.
Medal believes large BTC holders were buying up coins amid the decline in the price of the asset.
Bitcoin trading volume on Coinbase jumped almost 1.5% only on December 30. In the first days of January, the analysts have also observer increased whale activity. Only this time, major players mainly sold cryptos, which triggered a new phase in the weakening of Bitcoin as well as other cryptocurrencies.
According to Santiment, whale wallets controlled about 49.5% of the total Bitcoin supply in October.