Ki Young Ju, CEO and Co-founder of CryptoQuant, highlighted the significant role of whale activity in Bitcoin's price movements since March 2024. According to his analysis, the Coinbase premium—the difference between Bitcoin’s price on Coinbase and other exchanges—showed key fluctuations at $53K and $72K, indicating whale buying and selling patterns.
Whale Behavior at Key Levels
Whales bought at $72K: A large influx of institutional buying occurred when Bitcoin hit $72K, suggesting bullish accumulation at this level.
Selling at $53K: Conversely, whales began selling heavily at $53K, preventing Bitcoin from maintaining its momentum and stalling further upside.
Global Exchanges Defend $53K: Whales on other global exchanges also blocked a potential all-time high breakout, solidifying $53K as a critical resistance point.
Coinbase Premium as a Signal
Ki Young Ju noted that the Coinbase premium—a reliable indicator of institutional demand—can act as support or resistance. When the premium approaches near-zero, it may serve as a key price level that traders watch closely for reversals or breakouts.
With whale behavior continuing to shape Bitcoin's volatility, investors may need to monitor these support and resistance zones closely for future movements.
