Bitcoin whales have recently opened massive long positions on the digital asset exchanges Bybit and HTX, according to CryptoQuant chief executive Ki Young Ju. This move was made at a price of $69,000. Young Ju also mentions that similar actions were taken by Bitcoin whales in August 2023, just before a parabolic rally that saw BTC increase in value from $25,000 to over $73,000 in a few months. He further emphasizes that Bitcoin is not currently overvalued from a network fundamentals perspective, citing BTC’s “thermo cap ratio” as evidence.
The thermo cap ratio is calculated by dividing Bitcoin’s market capitalization by the weighted sum of mined coins by the creation price, indicating the total investment cost in the Bitcoin network. In a recent statement, Young Ju compared Bitcoin’s current price action to that of four years ago when BTC consolidated for over half a year while on-chain activity increased significantly. He noted that $1 billion in BTC has been added to whale wallets, with the likelihood that it is being transferred off-market to cold storage. Despite low price volatility, on-chain activity remains high, with $1 billion daily being added to new whale wallets for custody purposes.
At the time of writing, BTC is trading at $68,124. This recent surge in activity among Bitcoin whales, along with the comparisons to previous market behaviors, indicates a potential bullish trend for the digital asset. Investors and traders are closely monitoring these developments and looking for opportunities to capitalize on the increasing interest and investment in Bitcoin. Keep up to date with the latest news and trends in the cryptocurrency market by subscribing to email alerts from reputable sources and following them on social media platforms like X, Facebook, and Telegram.
In conclusion, Bitcoin whales have recently taken significant long positions on cryptocurrency exchanges, sparking excitement and speculation within the market. Young Ju’s analysis of Bitcoin’s network fundamentals and comparisons to past price actions suggest that the digital asset may be poised for further growth in the near future. With daily additions of $1 billion to whale wallets and increasing on-chain activity, Bitcoin continues to attract attention from investors seeking to capitalize on its potential. Stay informed and engaged with the cryptocurrency market by subscribing to reliable sources and following them on social media to ensure you don’t miss out on any important updates.
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