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Bitcoin Futures Traders Are Mostly Whales Now, Says Top Analyst


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Wahid Pessarlay

BTC whales have dominated new derivatives exchange deposits, pushing the metric to a five-year high

Crypto market analyst and CEO of CryptoQuant, Ki Young Ju, has shared data indicating that the Bitcoin (BTC) futures market is now dominated by whale investors. 

His analysis draws judgment from all exchanges to derivatives exchange flow mean indicator. The metric shows that the average amount of BTC deposits to derivatives exchanges from other exchanges is “relatively big.”  In fact, the derivatives exchange deposits are at a five-year-high. 

Ju also highlighted that the whales’ dominance of the derivatives markets is in stark contrast to market conditions in December 2021 when retail traders dominated the BTC futures market with predominantly small derivatives market deposits. 

BTC whales exhibiting peculiar behavior

The CEO previously noted that whales are accumulating spot BTC on the world’s largest exchange by trading volume Binance. Their massive buying activities have pushed BTC spot volumes for all exchanges to increase 20x in the past six months. 


U.Today previously uncovered a single whale that has managed to remain in profit despite BTC losing more than 70% of its value. The entity which has transferred over 47,800 BTC has managed to time Bitcoin purchases to periods around absolute lows. 

BTC is currently trading at around $19,000, down 0.86% on the day at the time of writing. According to popular Bitcoin skeptic Peter Schiff, the price performance of BTC could be an indicator that the benchmark crypto could lead to the next cross-market price dip.


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