CEO of Cryptquant: Stories about whale accumulation on #Bitcoin have become so common that they have turned into everyday chatter.
Just 2-3 years ago, news about whale accumulation would have caused shock in the market. Today, it is no longer breaking news — it is just expected, routine information.
This shift reflects the current reality: retail investors are staying away from Bitcoin, allowing whales to dominate the market. And it seems that most people acknowledge this dynamic.
I define a bubble as a period when the market price significantly exceeds the inflow of capital measured on-chain. Right now, we are clearly in a bull market, and on-chain data shows that $7 billion of weekly capital is entering the market.
News about whale accumulation no longer touches people — perhaps because analysts, including myself, have called it a bull market for the last two years. But the bull market isn't over. If Bitcoin had entered a bubble, all analysts would be shouting about a cyclical peak.
At this point, it is clearly not a bubble. Of course, corrections can happen, but in a bull cycle, it is very unlikely that we will see a drop of more than 30%. Even if such a drop occurs, it will likely be short-lived, and prices may potentially rise more than 30% after the correction.
The peak of this Bitcoin cycle still seems far away. For those predicting the start of a bear market, I would like to hear their arguments. One thing is clear — they are not looking at the on-chain data.