Crypto Updates

New Whales Fiercely Accumulating Bitcoin (BTC) Like Never Before, According to CryptoQuant CEO

Image

Crypto whales are aggressively accumulating Bitcoin (BTC) in an unprecedented manner, according to the CEO of a prominent analytics firm.

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.

He shares a chart suggesting that new whales have gone on rapid buying sprees while older whales have remained conservative.

“Look at how fiercely the new whales are stacking Bitcoin; this market has never seen such accumulation.”

Source: CryptoQuant/X

Ju says that the recent correction from the $67,000 level to about $61,000 is more about games in the futures markets rather than a cool-off of demand.

Says the CEO,

“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.”

In the past, new whales being in profit has hinted at market cycle tops for Bitcoin. In the current market cycle, Ju says that the new whale entities haven’t seen significant profit levels compared to other cycles.

“The new whale wallets, primarily custodial wallets and ETFs, have not yet generated sufficient profit.”

Image
Source: CryptoQuant/X

At time of writing, BTC is trading at $61,987.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/nesssss

Click Here to Read the Full Original Article at The Daily Hodl…