Crypto market is experiencing a heightened volatility and bullish sentiment. However, as per the CryptoQuant analyst “oinonen_t,” despite this growing market volatility and high prices, Bitcoin ($BTC) holders are steadily holding on Binance, showing a great trust in the prominent crypto exchange. The popular crypto analyst took to social media to reflect on the current optimism among the Bitcoin investors on Binance.
Binance Sees Doubled Whale and Institutional HODLing amid Growing Volatility
The data from the crypto analytics firm CryptoQuant points out that Binance currently occupies above 40% of the worldwide spot trading volume. In addition to this, the well-known crypto exchange also commands up to 50% of the cumulative $BTC spot trading volume as of this year’s 1st quarter. Moreover, Binance is also supported by a worldwide consumer base surpassing 250M and more than $140B in user assets. Hence, it has outcompeted its overall centralized exchange competitors.
Although conventionally backed by a large number of retail investors, the exchange is currently witnessing a surging whale and institutional activity. Hence, the smart money traders are increasingly utilizing the infrastructure of Binance to effectively organize and carry out high-value transfers.
Apart from that, the on-chain wallet analysis also highlights this wide-ranging shift. One such instance includes “5E585…..3C3B9” (a wallet potentially linked with a large institution) obtained 200M $XRP tokens during April’s last days. Additionally, another such wallet “6fcb4…..eadd3” has reportedly transferred 1,500 $BTC coins to a wallet on Binance in mid-April. Moreover, a third wallet “0x39e…..0c212” also obtained 60,813 $ETH at March’s end. These significantly high-net-worth wallet transfers indicate the expedited confidence in Binance. Moreover, their steady HODLing amid volatility is another sign of rising speculation of a potentially upcoming bull market.
Heightened Investor Interest Drives Wide-Scale Growth and Adoption
According to the CryptoQuant analyst, this trend underscores the wider narrative in the crypto market. Thus, the noteworthy trust of big investors in Binance displays its dependable platform for execution. In this respect, as the digital asset landscape keeps evolving, Binance is successfully attracting the community’s attention. Particularly, the institutional and whale engagement is a great sign of the further growth of Binance. Moreover, the present patterns show that smart money is preferably choosing Binance in comparison with other crypto exchanges.
