CryptoQuant CEO Ki Young Ju revealed that unidentified whales have found between 240,000 and 420,000 Bitcoins this year. These purchases are in addition to the approximately 15.5 million BTC accumulated by well-known institutional entities such as Spot Bitcoin ETF and MicroStrategy.
These acquisitions are facilitated through confidentiality practices. Making finding the exact buyer a challenge, Xu noted that the frequency of such secret transactions has tripled in the past two years. This indicates a growing trend among large investors to hide their activities.
Despite the large accumulation of these whales, Xu noted that the crypto community’s reaction has been more subdued compared to a few years ago, when such news would cause a significant market reaction. He explains this change because retail investors are now less enthusiastic. Affecting the market momentum mainly by large investors…
Ju also pointed out that although Bitcoin experienced a correction, But it is unlikely to drop more than 30% from current levels. And such declines occur in a short period of time, followed by recoveries of more than 30%.
Bitcoin is currently trading at around $96,013, down 2.17% from the previous close.