Bitcoin Whales Make Big Moves: $1 Billion Added to BTC Wallets Amid High On-Chain Activity.

#Bitcoin whales, large players who hold significant amounts of BTC, have come to the fore by opening significant long positions on major crypto exchanges such as Bybit and HTX. These strategic positions were initiated at the critical price level of $69,000. This development is significant as whale activity often precedes major price movements in the crypto market and offers valuable clues to other investors.

In August 2023, #Bitcoin whales opened similarly large long positions, heralding a parabolic rise that saw BTC rise from $25,000 to over $73,000 in a matter of months. This pattern highlights the potential impact of whale activity on Bitcoin's market trends. This type of historical context is critical to understanding current market dynamics and predicting future movements.

CryptoQuant CEO Ki Young Ju emphasized that #Bitcoin is not overvalued when evaluated on network fundamentals. He cited the thermo cup ratio as evidence; This is an important metric that represents the weighted sum of coins mined by creation price. The thermo cap rate is calculated by dividing Bitcoin's market value by the thermo cap. This ratio helps investors evaluate the total cost of investment in the Bitcoin network, providing a clearer picture of the network's valuation.

Young Ju noted that Bitcoin's current market conditions are similar to the situation four years ago, with #BTC consolidating for more than half a year with increased on-chain activity. Recently, $1 billion worth of BTC was added to whales' wallets, mostly directed to cold storage. This indicates out-of-market accumulation by large investors, which is often interpreted as a bullish signal. The CEO draws a parallel to mid-2020, when Bitcoin was trading around $10,000 and high on-chain activity was attributed to OTC settlements. This similarity suggests that current accumulation may result in significant price movements.
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