CryptoQuant CEO Ki Young Ju drew attention to the increasing influence of whales in the Bitcoin market, questioning the impact of large unidentified accumulations on market dynamics.$BTC
Ki Young Ju stated that whale accumulation has become a common occurrence in the Bitcoin market. Previously, whale accumulation of Bitcoin caused huge market fluctuations, but today it is almost considered a normal situation.
The CEO explained the main reason behind this change as individual investors moving away from Bitcoin and whales increasingly dominating the market, saying, "Whale accumulation news no longer affects anyone because most people have accepted that a bull cycle is happening in the market."
Ki Young Ju stated that Bitcoin is not currently in a "bubble" and that approximately $7 billion of capital inflows are provided to the market on a weekly basis. The CEO, who interpreted this situation as a sign of a bull market, stated that there could be drops of up to 30% in the price of Bitcoin, but such corrections would be short-lived and prices would recover quickly.
Ju said that Bitcoin has not yet reached the peak of its current cycle, questioning the arguments of those who claim that a bear market has begun and noting that these people do not take into account on-chain data.
Referring to data for 2024, the CEO said that a total of 1.55 million BTC was transferred to savings addresses largely associated with ETFs, MicroStrategy, and custodial wallets. He also added that whales often use privacy-oriented transactions when transferring funds to new institutional investors.
Finally, Ki Young Ju pointed out that unidentified whales have accumulated between 240 thousand and 420 thousand BTC, and emphasized that it is still unknown who these whales are.