Despite uncertain market conditions, two significant Bitcoin firms are reportedly storing BTC at the moment.
Rich investors are aggressively hoarding bitcoin through renowned digital asset exchange Binance, according to Ki Young Ju, the CEO of analytics firm Crypto Quant, who has 308,400 followers on Twitter.
In addition, he stated that "after Bitcoin's price passed the $20,000 threshold, Binance currently owns 84% of the total spot trading volume. Second-largest is Coinbase, with 9% of the market. I'm not clear if the contemporary crypto OGs (original gangsters) or prime brokering organizations are the whales.
Ki Young Ju added that the volume of spot bitcoin trading has increased dramatically over the last six months on all exchanges, indicating that there is sufficient demand to withstand the strong selling pressure.
The benchmark virtual currency has dropped this year by over 60%. Despite the significant decline in the value of Bitcoin this year, Ark Investment Management analyst Yassine Elmandjra maintains by his firm's prediction that the price will go above the $1 million mark.
Cathie Wood, the chief investment officer of Ark, projected earlier this year that by 2030, the price of the biggest cryptocurrency in the world would reach $1 million per coin.
Coin owners and miners have begun selling off the token in massive quantities in 2022, meanwhile, as the Federal Reserve continues to aggressively tighten monetary policy, driving investors away from riskier asset classes