Coinbase saw an increase in overall bitcoin trading activity last week, even if overall trading volume was lower than usual. kaiko analyzed the second-by-second volume of buy and sell orders and found a significant concentration of such buy orders on december 30. between december 9 and 29, microstrategy purchased 1,914 bitcoins for $94.2 million in cash.

large purchase and sell orders for bitcoin were placed on coinbase shortly before the december 31st expiration of the options contract for bitcoin. on the other hand, on january 1, the btc/usd trading pair at coinbase was dominated by sell orders comprising more than five bitcoins. in kaiko’s medalie, coinbase’s spot market share did not rise as a result of these big transactions, which suggests that similar activity was taking place on other exchanges.

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