According to CryptoQuant's CEO, Ki Young Ju, the current sentiment in the Bitcoin market bears a resemblance to the period in mid-2020. Back then, Bitcoin stayed near the $10,000 mark for half a year with high on-chain activity, which turned out to be over-the-counter transactions.
Despite lower price volatility, current on-chain activity still remains high, with Ki revealing that approximately $1 billion is being added to new whale wallets daily, signaling that large holders are still actively engaged in the market and are likely holding onto their assets.
