U.Today - Ki Young Ju, crypto analyst, CEO and founder of the CryptoQuant on-chain data company, has taken to the X social media platform (widely known as Twitter in the past) to comment on whale transactions spotted recently, as whales have been buying tons of Bitcoin .
At the time of this writing, Bitcoin is changing hands at $95,772 after dropping by 3.6% over the last 24 hours. It was a sharp reversal after the Christmas rally witnessed on Dec. 25, when Bitcoin surged to $99,000 briefly.
Bitcoin will hardly drop lower than 30%, Ju believes
Ju tweeted that the attitude of the crypto community toward whales accumulating large amounts of Bitcoin has become cooler now that these regular purchases have stopped having any significance; it “has become common that it’s now daily chatter,” unlike 2-3 years ago when they would send shockwaves through the market and make breaking news.He believes that this change in sentiment reflects the fact that retail investors are keeping away from Bitcoin and have left market domination to whales.
Right now, Ju says, the community is clearly witnessing a bull market as on-chain data demonstrates whales buying Bitcoin actively, with $7 billion in capital entering the market on a weekly basis.
The CryptoQuant CEO also shared an expectation that at the current bull market, even if Bitcoin should reverse and enter a correction, the price will hardly drop more than 30%, and such a drop would certainly be short-lived. After this potential correction, Bitcoin is likely to recover by more than 30%, per Ju.
Mysterious whales buy 240K-420K BTC: Ki Young Ju
Ki Young Ju also revealed the major institutional Bitcoin buyers who have been actively accumulating BTC throughout this year. Those are spot Bitcoin exchange-traded funds (ETFs), Michael Saylor’s MicroStrategy, and custodial wallets. Cumulatively, these buyers have grabbed approximately 1.55 million BTC this year.Many institutions have been purchasing BTC from whales via privacy transactions, Ju revealed: “Whales frequently use privacy transactions to transfer their funds to new institutional investors.”
However, Ju admitted that there were certain transactions that his on-chain data company was unable to identify, therefore, those buyers remain undisclosed. They have bought between 240,000 BTC and 420,000 BTC: “We still don't know who has accumulated approx. 240K–420K BTC. Who are these whales?”
This article was originally published on U.Today