Skip to content

OKEx recorded over 8,000 Bitcoin whale operations in June

July 9, 2020

The OKEx exchange recorded more than 8,000 Bitcoin (BTC) whale trades in June. more than any other exchange. It also had the honor of recording the largest operation of its kind: 513.1 BTC according to Kaiko data.

Number of Bitcoin whales (≥ 10 BTC) that are traded in exchange

Number of Bitcoin whale operations (≥ 10 BTC) per exchange. Source: Kaiko

Whales prefer USDT over USD

OKEx recorded over 8,000 Bitcoin whale operations in JuneOKEx recorded over 8,000 Bitcoin whale operations in June

In the Kaiko nomenclature, “whale” operations are 10 BTC and higher. OKEx also led in terms of the average size of the whale trade, which was just over 33 BTC. More important operations take place on exchanges that support BTC-USDT pairs than on exchanges that support BTC-USD pairs:

“This report also shows that exchanges that support BTC-USDT do more whale trading than exchanges that support the BTC-USD pair.”

This could be due to the smooth nature of crypto-to-crypto operations compared to crypto-to-fiat operations.

Average Bitcoin whale trade (≥ 10 BTC) after exchange

Bitcoin average whale trading (≥ 10 BTC) per exchange. Source: Kaiko

OKEx is a “buyers” exchange

Oddly enough The volume of whale buying orders at OKEx was almost twice that of customer orders. It is unclear why there are so many differences in buy and sell orders. One possible explanation is that sellers are more conservative and split their orders into smaller packages under 10 BTC.

Volume of bitcoin trading in buying and selling whales (≥ 10 BTC) through exchange

Whale trading volume when buying and selling Bitcoin (≥ 10 BTC) per exchange. Source: Kaiko

Recently, OKEx CEO Jay Hao told Cointelegraph that in his opinion The key to success is customer service. The “whales” seem to agree.