In June, significant crypto exchange OKEx placed itself amongst the most popular exchanges for so-called whales, and a leading place for bitcoin (BTC) cost discovery, a study from crypto information supplier Kaiko has actually discovered.
Initially introduced as one of the early Chinese BTC exchanges, OKEx is now signed up in Malta, and has according to the research study end up being the leader in regards to “whale trades,” both on its area 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 research study stated.
In specific, the research study discovered that, in June, OKEx stuck out from its competitors, primarily Binance and Huobi, in regards to the volume of the whale trades made on the exchange.
Kaiko specifies a whale trade as any trade of BTC 10 (USD 93,700) or more.
Nevertheless, it is not the volume, however likewise the variety of such trades that makes OKEx stick out last month, according to the research study:
“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.
Even more, it likewise mentioned that this was likewise supported by the findings of another Kaiko study from May this year, which stated the derivatives markets on OKEx and BitMEX particularly “leads price discovery of Bitcoin.”
Last but not least, the report likewise kept in mind that high-volume trades are made regularly on a lot of the leading exchanges, which is “promising to see” exchange order books having the ability to take in these big trades, which have actually frequently been believed to happen on over the counter (OTC) markets rather.
What the findings show, according to Kaiko, is that the difference in between retail-focused and institutional exchanges “is blurry at best,” offered the a great deal of high-volume trades that are 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.
On the other hand, as reported, area trading volumes on both leading tier and lower tier crypto exchanges plunged in June to USD 177 bn (-36%) and USD 466 bn (-53%) respectively. Amongst the top 15 leading tier exchanges, Binance and OKEx represent roughly 3/4 of area volume. Binance traded USD 42 bn (-20%), OKEx USD 41 bn (-29%), and Coinbase nearly USD 7bn (-385%).
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