In June, main crypto exchange OKEx positioned itself among the many hottest exchanges for so-called whales, and a number one venue for bitcoin (BTC) price discovery, a examine from crypto knowledge supplier Kaiko has discovered.
Initially launched as one of many early Chinese language BTC exchanges, OKEx is now registered in Malta, and has based on the examine grow to be the chief when it comes to “whale trades,” each on its spot and its derivatives market.
“It is clear that OKEx leads the market in terms of whale trades, outranking all other exchanges in terms of average whale trade size, count, and volume. OKEx is one of the highest volume exchanges in the industry and plays a significant role in price discovery,” the examine stated.
Specifically, the examine discovered that, in June, OKEx stood out from its opponents, primarily Binance and Huobi, when it comes to the amount of the whale trades made on the exchange.
Kaiko defines a whale commerce as any commerce of BTC 10 (USD 93,700) or extra.
Nevertheless, it isn’t the amount, but additionally the variety of such trades that makes OKEx stand out final month, based on the examine:
“It is clear that OKEx, by and large, leads the pack in terms of the raw number of whale trades, clocking 8,500 trades ≥ 10 BTC in the month of June,” the report stated.
Additional, it additionally identified that this was additionally supported by the findings of one other Kaiko examine from May this yr, which stated the derivatives markets on OKEx and BitMEX particularly “leads price discovery of Bitcoin.”
Lastly, the report additionally famous that high-volume trades are made frequently on most of the main exchanges, and that’s “promising to see” exchange order books with the ability to take in these massive trades, which have usually been thought to happen on over-the-counter (OTC) markets as a substitute.
What the findings present, based on Kaiko, is that the excellence between institutional and retail-focused exchanges “is blurry at best,” given the big variety of high-volume trades which can be performed on exchanges like OKEx.
“It is clear that retail exchanges have a significant user base of high-volume traders placing whale trades on a regular basis,” the report concluded.
In the meantime, as reported, spot buying and selling volumes on each prime tier and decrease tier crypto exchanges plummeted in June to USD 177bn (-36%) and USD 466bn (-53%) respectively. Among the many prime 15 prime tier exchanges, Binance and OKEx symbolize roughly 3/four of spot quantity. Binance traded USD 42bn (-20%), OKEx USD 41bn (-29%), and Coinbase nearly USD 7bn (-38.5%).
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