New Bitcoin whales are competing: "Never seen before"

Ki Young Ju, CEO of CryptoQuant, stated that based on blockchain data, new whales accumulate Bitcoin in a way the market has never seen before.

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According to Ki Young Ju, CEO of blockchain analysis company CryptoQuant, new whales are accumulating Bitcoin to an extent never seen before.

Stating that the new whales entered a quick buying race and the old whales remained relatively inactive, Ki Young Ju made the following comment with the graphic he shared:

“See how the new whales aggressively accumulate Bitcoin. This market has never seen anything like this before.”

Source: X/Ki Young Ju

“It has nothing to do with ETF investments”

Regarding the allegations that these purchases are due to investments in ETFs, CryptoQuant's CEO said, "Recent accumulation has little to do with ETFs. If there are large amounts of Bitcoin entry into the storage wallets through OTC markets, guess who these whales are.” he said.

The reason for the recent decline in Bitcoin...

The on-chain analyst suggested that the current move that dragged Bitcoin from $66k to $60,000 was just a futures market game. Ki Young Ju said, “Real whales move the market through spot trading and OTC markets. Therefore, the data on the chain is very important. The old whales didn't make a very high return, and the whales, which entered the market in this last bull run, made almost no profit.” said.

According to the CEO of CryptoQuant, these whales are unlikely to sell until liquidity starts coming from individual investors.