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Cryptocurrency News Articles
Crypto Whales Are Aggressively Accumulating Bitcoin (BTC) in an Unprecedented Manner, Says Analytics Firm CEO
Oct 03, 2024 at 03:55 am
CryptoQuant CEO Ki Young Ju tells his 363,000 followers on the social media platform X that the market hasn’t seen the current behavior from whales.
Cryptocurrency markets are seeing an unprecedented level of activity from “whales,” according to the CEO of a prominent analytics firm.
In a recent post on the social media platform X, Ki Young Ju, the CEO of CryptoQuant, shared his observations on the behavior of large crypto traders, highlighting a trend of aggressive accumulation by new whales.
“Look at how fiercely the new whales are stacking Bitcoin; this market has never seen such accumulation. Also, the older whales’ return is still low. Everyone seems to think that the recent correction is about cooling off demand, but it’s not. It’s more about games in the futures markets.”
Ju's statement suggests that the recent market correction, which saw Bitcoin (BTC) drop from around $67,000 to $61,000, may be largely influenced by activity in the futures markets rather than a cooling-off of demand in the spot market.
According to Ju, “real whales” typically operate in the spot and over-the-counter (OTC) markets, and their actions have a significant impact on the overall market price.
“Real whales move the market through spot trading and OTC markets. That’s why on-chain data is crucial. The older whales haven’t seen particularly high returns, and the whales who entered in this recent bull run have barely made any profits.
They are unlikely to dump on exchanges until liquidity from retail investors starts flowing in.”
Ju's analysis further notes that in previous market cycles, high levels of profitability among new whales have often served as an indication of approaching market cycle tops for Bitcoin.
However, in the current market cycle, Ju observes that the new whale entities, which include custodial wallets and exchange-traded funds (ETFs), have not yet seen significant profit levels compared to other cycles.
“The new whale wallets, primarily custodial wallets and ETFs, have not yet generated sufficient profit.”
At the time of writing, BTC is trading at $61,987, according to CoinGecko.
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