On September 12th, data from CCData showed that Bitcoin bottom-fishing users were very active on Kraken and Coinbase, buying Bitcoin at a discounted price while other trading platforms saw selling pressure weighing down prices.

The buy-to-sell ratio (comparing the volume of buy orders to sell orders) on Kraken and Coinbase averaged 250% and 123% respectively this month. A buy-to-sell ratio exceeding 100% indicates more buy orders than sell orders, signaling a bullish pressure of net buying.

“The average buy-to-sell ratio shows that there is stronger buying pressure on Kraken and Coinbase, while Bybit and Binance’s ratios are closer to parity at 99% and 97% respectively,” Hosam Mahmoud, a research analyst at CCData, said in an interview. “While these observations don’t lead to definitive conclusions, they hint that Kraken and Coinbase have recently become preferred platforms for Bitcoin accumulation.” Mahmoud added.