Top 10 accounts made up nearly 70% of Bithumb BTC trading during rally

Nearly 70% of Bitcoin trading value on South Korean exchange Bithumb was concentrated in the top 10 accounts during the recent price rally, Edaily reported. According to the report, the share of total trading value accounted for by the top 10 accounts on Bithumb climbed to nearly 70% on Aug. 21, as Bitcoin rose above 100 million won. That was more than double the usual level of around 30%. Over the same period, the concentration ratio reached 67% for Ethereum, 53% for XRP and the mid-50% range for Tether. Some in the industry have raised the possibility of abnormal trading around the concentration in Bithumb volumes. Still, trading concentration alone does not appear sufficient to justify such suspicions. Similar patterns, in which trading by more active investors increases faster during price rallies, have also been observed in other markets. Financial authorities reviewing the related trading data also see no issue, according to Edaily.