BTC whale accumulation resembles that seen in 2020
CryptoQuant CEO Ki Young Ju has highlighted a striking similarity between current bitcoin market activity and the activity seen in mid-2020.
CryptoQuant founder and CEO Ki Young Ju has highlighted a striking similarity between current bitcoin market activity and the activity seen in mid-2020.
In a post on X on May 31, Ki's findings revealed comparatively high on-chain activity and a strong rebound in bitcoin accumulationÂ
echoing the accumulation phase of 2020, which led BTC to rise to $64,000 in April 2020.
âSame vibes in bitcoin as in mid-2020. Back then, BTC hovered around $10,000 for 6 months with heavy on-chain activity that was later revealed as OTC trading. Now, despite low price volatility, on-chain activity remains high, with $1 billion added daily to new whale wallets, likely custodial.â
Cointelegraph contacted Ki for comment on the situation but did not receive a response before the publication deadline.
Despite low levels of price volatility, the Ki comparison chart âBTC: Realized Cap for New Whalesâ shows significant BTC movement. Although the pattern indicates possible BTC accumulation by whales and increased market interest, community responses to Ki's conclusions were mixed.
One X user wondered if bitcoin is âstill a few months away from a breakout,â while others expressed skepticism, noting that the price is not âgoing upâ despite accumulation and ETF inflows.
The bitcoin accumulation phase in 2020
In 2020, the BTC price stabilized around the $10,000 level for several months. $BTC
