The Increase in Bitcoin’s Average Trade Size Indicates Increased Activity from Large Traders
According to research firm Kaiko, the average trade size for bitcoin on most exchanges has seen a significant increase. This could suggest that large traders are becoming more active in the market.
Key Points:
- Bitcoin’s average trade size on crypto exchange Kraken surpassed $2,000 following a federal court ruling regarding the Grayscale Bitcoin Trust (GBTC) ETF conversion attempt.
- The last time bitcoin’s average trade size was this high was in June.
- Other exchanges also experienced a jump in bitcoin’s average trade size.
- The market’s confidence in a bitcoin spot ETF approval increased, leading to a 7% price climb for bitcoin.
- Bitcoin’s price has since pulled back slightly to just above $27,900.
According to analyst Dessislava Aubert, this increase in trade size could be attributed to low liquidity and overall volumes have not spiked significantly. However, it is worth noting that bitcoin experienced a 9% drop on August 17, resulting in a two-month low.
Hot Take:
It seems that the recent court ruling and the potential for a bitcoin spot ETF approval have ignited interest from large traders. This increased activity could have a significant impact on the market and potentially drive further price movements for bitcoin.
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