Bitcoin Bargain Hunters Active on Kraken and Coinbase, CCData Shows

As an analyst, I’ve been monitoring data from CCData based in London, which provides insights into the buy-sell ratio on Kraken and Coinbase. This month, this ratio has averaged approximately 2.5 times (250%) for Kraken and 1.23 times (123%) for Coinbase. This means that there have been more buy orders than sell orders on these platforms, a trend that indicates a net bullish pressure, as the ratio being above 100% implies more buying activity compared to selling.

Bitcoin’s price started off the month on a downtrend, dropping from approximately $60,000 to around $52,500, but subsequently rose to about $58,000 this week according to CoinDesk data. Despite this recent increase, the prices have declined by roughly 7% during the third quarter.

According to Hosam Mahmoud, a research analyst at CCData, the average buy-sell ratio indicates that there is more demand for purchasing on Kraken and Coinbase compared to Bybit and Binance. The ratios on Kraken and Coinbase are 250% and 123%, respectively, while those on Bybit and Binance are almost equal at 99% and 97%. This suggests stronger buying pressure on the former platforms.

Mahmoud mentioned that while these findings don’t provide a clear final answer, they suggest that Kraken and Coinbase have been popular choices for amassing resources more recently.

Traders who act quickly on platforms like Bybit and Binance are more likely to be individual or small-scale investors, whereas the strategic buying on Kraken and Coinbase is typically done by larger, institutional investors.

As a crypto investor, I’ve noticed a pattern: within the timeframe we’re considering, Kraken and Coinbase seem to be preferred by larger trades, possibly from institutional or long-term investors. On the other hand, Bybit and Binance seem geared towards smaller, more frequent trades.