The cryptocurrency market is experiencing a dynamic week. Bitcoin continues its upward trend, fueled by the interest of large investors, while AI tokens are gaining value due to advancements in the sector. Amid this, big investors are engaging in trading activities on the Kraken and Coinbase exchanges. These platforms are attracting investors by offering lower prices compared to other exchanges. According to data from CCData, the trading ratios on Kraken and Coinbase were reported as 250% and 123%, respectively. This indicates a higher proportion of buy orders compared to sell orders, signaling a clear bullish trend.
Increased Interest in Bitcoin from Major Investors
At the start of the month, Bitcoin entered a downtrend, falling from $60,000 to $52,500. However, this week saw prices rise again to $58,000, despite a 7% overall drop in the third quarter. According to Hosam Mahmoud, a research analyst at CCData, “The average buy/sell ratios show stronger buying pressure on Kraken and Coinbase. These ratios stand at 250% and 123%, compared to Bybit and Binance’s 99% and 97%, respectively.” Mahmoud adds, “While these observations may not lead to definitive conclusions, it does show that Kraken and Coinbase have recently become preferred platforms for accumulation.”
By contrast, Bybit and Binance seem to cater more to retail investors with frequent, smaller trades. The average transaction size for this month was $898 on Bybit and $747 on Binance, significantly lower than the $2,148 and $1,321 averages seen on Kraken and Coinbase. Mahmoud explains, “This suggests that Kraken and Coinbase are attracting more institutional or long-term investors, while Bybit and Binance appeal more to smaller, frequent traders.”
Larger Investors Favor Kraken and Coinbase
The relatively larger orders on Kraken and Coinbase suggest purchases from big investors. Bitcoin, in particular, is facing heavy buying pressure on these major exchanges, reflecting increased interest from large-scale investors. CCData reports that buy/sell ratios on these platforms are significantly higher than on other exchanges, indicating that investors are flocking to these platforms to buy Bitcoin at lower prices.
Meanwhile, spot Bitcoin ETFs in the U.S. briefly experienced an uptrend before declining again, showing that uncertainty in the market continues. However, experts believe Bitcoin will maintain its upward trajectory in the long term.
AI Tokens Shine
At the same time, Bitcoin surged past $58,000 during the opening hours of the Asian markets, driven by the rise in U.S. tech stocks and Asian exchanges. However, after two days of inflows, U.S. spot Bitcoin ETFs saw outflows again on Wednesday. Ark Invest’s ARKB product reported a $54 million outflow, resulting in a total loss of $43 million. August’s U.S. inflation data has fueled expectations that the Federal Reserve may cut interest rates in the coming weeks. Meanwhile, chip manufacturer Nvidia (NVDA) surged by 8.2%, with major companies like Microsoft (MSFT), Google (GOOGL), and Apple (APPL) seeing gains up to 2.13%.
On Thursday, the gains spread to Asia, with stock indexes in Japan, South Korea, and Taiwan rising. Japan’s Nikkei 225 index ended a seven-day losing streak after the yen rebounded slightly following a record surge against the U.S. dollar on Tuesday. Meanwhile, layer-1 blockchain Sui (SUI) outperformed the market on Thursday, rising by more than 16%. SUI may continue to outperform following Grayscale’s announcement of its Grayscale Sui Trust. Additionally, AI tokens saw moderate gains following news that OpenAI plans to raise $6.5 billion at a $150 billion valuation. NEAR Protocol (NEAR) tokens increased by 6%, and FET tokens rose by 9%, crossing the $1.40 mark.
Turkish NY Radio will continue to monitor these developments closely.
