According to Odaily, CryptoQuant founder Ki Young Ju recently commented on the X platform that the current market volatility is primarily a game within the futures market. He emphasized that real whales are driving Bitcoin's rise through spot trading and the OTC market, making on-chain data crucial.
Diamond-handed whales have not yet seen particularly high returns, and whales who entered the market during the recent bull run have gained almost no profit. They are unlikely to sell on trading platforms until retail investor liquidity starts flowing in. Additionally, new whale addresses are accumulating BTC at an unprecedented rate, a behavior the BTC market has never witnessed before. Some believe these new whales are primarily driven by ETF inflows, but recent accumulation patterns suggest that these new whale addresses have little correlation with ETFs.
