Buy-sell ratios point to bargain hunting over Kraken and Coinbase.

The average trade size indicates that dip-demand stems from large traders.

Bitcoin (BTC) bargain hunters are active on Kraken and Coinbase (COIN), snapping up coins at perceived discounts as selling pressure from other exchanges the leading cryptocurrency under pressure.

Data tracked by London-based CCData show the buy-sell ratio, which compares the volume of buy-to-sell orders on Kraken and Coinbase, has averaged 250% and 123%, respectively, this month. A ratio above 100% indicates more buys than sells, suggesting net bullish pressure.

Bitcoin’s price began the month on a negative note, falling from $60,000 to nearly $52,500 before recovering to $58,000 this week, CoinDesk data shows. Still, prices are down over 7% for the third quarter.

“The average buy-sell ratio suggests stronger buying pressure on Kraken and Coinbase, with ratios of 250% and 123%, respectively, compared to near-parity on Bybit and Binance, which have ratios of 99% and 97%,” Hosam Mahmoud, research analyst at CCData told CoinDesk in an interview.

“Although these observations don’t lead to a definitive conclusion, they imply that Kraken and Coinbase have recently been the preferred venues for accumulation,” Mahmoud added.

Instant or day traders over Bybit and Binance are likely retail investors, while bargain hunting over Kraken and Coinbase likely stems from large investors.

That’s because this month’s average trade size for bitcoin-tether (BTC/USDT) spot pairs is $898 on Bybit and $747 on Binance. That’s notably lower than the average size of $2,148 and $1,321 on Kraken and Coinbase, according to CCData.

“This indicates that in this timeframe, Kraken and Coinbase tend to attract larger trades, likely from institutional or long-term investors, while Bybit and Binance appear to cater more to smaller, frequent trades,” Mahmoud said.