PakGazette – Ki Young Ju, crypto analyst, CEO and founder of on-chain data company CryptoQuant, took to social media platform X (widely known as Twitter in the past) to comment on the recently detected whale transactions, like whales I have been buying tons of.
At the time of writing, Bitcoin is changing hands at $95,772 after falling 3.6% in the last 24 hours. It was a sharp turnaround after the Christmas rally witnessed on December 25, when Bitcoin briefly rose to $99,000.
Bitcoin will hardly fall below 30%, believes Ju
Ju tweeted that the crypto community’s attitude towards whales hoarding large amounts of Bitcoin has become colder now that these regular purchases have become unimportant; “It’s become commonplace that it’s daily chatter now,” as opposed to 2 or 3 years ago, when it sent shockwaves through the market and was breaking news.
He believes this change in sentiment reflects the fact that retail investors are staying away from Bitcoin and have left market dominance in the hands of whales.
Right now, Ju says, the community is clearly witnessing a bull market, as on-chain data demonstrates that whales are actively buying Bitcoin, with $7 billion in capital entering the market weekly.
The CryptoQuant CEO also shared the expectation that in the current bull market, even if Bitcoin were to reverse and enter a correction, the price would hardly fall more than 30%, and such a drop would certainly be short-lived. After this possible correction, Bitcoin is likely to recover more than 30%, per year.
Mysterious whales buy between 240,000 and 420,000 BTC: Ki Young Ju
Ki Young Ju also revealed the top institutional Bitcoin buyers who have been actively accumulating BTC throughout this year. These are spot Bitcoin exchange-traded funds (ETFs), Michael Saylor’s MicroStrategy, and custodial portfolios. Collectively, these buyers have acquired approximately 1.55 million BTC this year.
Many institutions have been purchasing BTC from whales through 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 purchased between 240,000 BTC and 420,000 BTC: “We still don’t know who has accumulated approx. 240,000 to 420,000 BTC. Who are these whales?
