Bitcoin Bargain Hunters Active on Kraken and Coinbase, CCData Shows

Bargain Hunters Active on Kraken and Coinbase Amid Market Pressure

Bargain hunters are increasingly active on Kraken and Coinbase, taking advantage of perceived discounts on Bitcoin (BTC) as selling pressure from other exchanges continues to weigh on prices.

Recent data from London-based CCData reveals that the buy-sell ratios on Kraken and Coinbase have been particularly strong, averaging 250% and 123% this month, respectively. A ratio above 100% indicates a higher volume of buy orders compared to sell orders, suggesting net bullish sentiment on these platforms.

Bitcoin’s price journey this month has been tumultuous, dropping from $60,000 to around $52,500 before recovering to approximately $58,000 this week. Despite this rebound, Bitcoin remains down over 7% for the third quarter.

Hosam Mahmoud, a research analyst at CCData, noted in an interview with Pinetbox, “The average buy-sell ratio indicates stronger buying pressure on Kraken and Coinbase, in contrast to the near-equilibrium ratios of 99% and 97% observed on Bybit and Binance.”

He added, “While these observations don’t provide a definitive conclusion, they suggest that Kraken and Coinbase have become preferred platforms for accumulation.”

The distinction between trading activities is notable: instant or day traders on Bybit and Binance likely represent retail investors, while the bargain hunting on Kraken and Coinbase is more indicative of larger institutional or long-term investors. This is supported by the average trade sizes, with Bitcoin-Tether (BTC/USDT) spot pairs averaging $898 on Bybit and $747 on Binance, compared to $2,148 and $1,321 on Kraken and Coinbase, respectively.

“This suggests that Kraken and Coinbase attract larger trades, potentially from institutional players, while Bybit and Binance cater more to smaller, more frequent transactions,” Mahmoud explained.