⭕ Blockchain data analytics firm CryptoQuant has tracked recent whale activity in the Bitcoin market, with the company noting significant purchases of the cryptocurrency.
⭕Ki Young Joo, a cryptocurrency analyst and CEO and founder of CryptoQuant, noted that many institutions use anonymous wallets to hide their identity when purchasing Bitcoin. However, he acknowledged that there were transactions that CryptoQuant could not identify, meaning that there were undisclosed buyers who bought between 240,000 and 420,000 Bitcoin, which he called anonymous bets.
⭕ Joe confirmed that the market is currently witnessing a clear bull market, as blockchain data shows active buying of Bitcoin by whales, with an estimated $7 billion in capital entering the market weekly. Joe expects that even in the event of a market correction, the price of Bitcoin is unlikely to fall by more than 30%, and this decline is likely to be short-lived.
⭕At the time of writing, Bitcoin is trading at $95,772, down 3.6% in the past 24 hours. This drop comes after a brief spike in Bitcoin’s price on December 25, when it reached $99,000.
Source: U Today