OKEx Becomes Largest Platform by Whale Trades
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July 9, 2020
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OKEx cryptocurrency exchange has become the largest platform by whale trades, iHodl Russia has learned.

In June, the exchange recorded over 8,000 whale transactions, which outperformed trades on other exchanges, according to data from the Kaiko service.

Kaiko differentiated "whale" from "retail" traders by the average size of operation which is ≥ 10 BTC.

OKEx Becomes Largest Platform by Whale Trades

Moreover, the average size of a "whale bid" on OKEx for a buy order is almost twice the size of a sell order.

This may be due to the fact that when selling assets, market participants prefer to split their orders into smaller parts. At the same time, the LMAX Digital exchange leads with the average size of all operations at 0.6968 BTC.

The reason for such a result may be due to its focus on institutional investors.

OKEx Opens Public Access to Bitcoin Options

In second place — Bitstamp with 0.3783 BTC, which is more than double the performance of crypto exchanges such as Gemini and Coinbase.

Binance, Huobi, Liquid and Bitfinex have lower average trade sizes as their platforms focused mainly on retail investors.

Kaiko Head of Business Development and Strategy, Clara Medalie, says the report demonstrates that whale traders prefer high volume exchanges, which makes sense considering that liquidity is important to avoid price slippage for large trades.

"We do not analyze order book data, thus more research is needed to get a complete picture of exchange liquidity," Medalie added.

In April, OKEx Pool, the OKEx-backed mining pool, announced it became the first validator to join Ethereum (ETH) 2.0 Topaz testnet.

Currently, Topaz is the only testnet completed of ETH 2.0 mainnet configuration. The launch is the main action before ETH switches its consensus algorithm from PoW (Proof-of-Work) to PoS (Proof-of-Stake).

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