In a recent X post, Julio Moreno, head of research at CryptoQuant, revealed that new Bitcoin whales will inject around $100 billion into the market in 2024.$BTC
The influx of high-net-worth individuals and institutional investors marks a significant development for cryptocurrencies, reflecting growing confidence in Bitcoin’s long-term potential.
Bitcoin whales are generally defined as individuals or entities that hold a large amount of BTC, and this year the number of addresses in this category has increased again. It is worth noting that these newly joined whales have brought a total of about $100 billion in funds to the Bitcoin market since the beginning of the year. The inflow of $100 billion represents a larger accumulation trend, with $1 billion flowing into new whale wallets every day.
In a May 31 X post, CryptoQuant founder Ki Young Ju compared current market activity to patterns observed in mid-2020. At the time, a similar whale accumulation phase preceded the bull run that saw Bitcoin’s price reach $69,000 in 2021. The current situation suggests that history may be repeating itself, with high on-chain activity and new whale wallets adding $1 billion per day.
The impact of this trend is multifaceted. First, it indicates increased market interest and possible bullish sentiment among investors. Despite low price volatility, these whales’ influx into BTC could set the stage for another rally. Analysts are keeping a close eye on Bitcoin’s price resistance around $72,000 and predict that a break above this threshold could bring about new all-time highs, possibly around $75,000. At the time of writing, BTC is down 0.25% over the past 24 hours at $67,734. The price of Bitcoin (BTC) has been trading in an unusually narrow trading range around $68,000 since last week, but fell to around $66,584 on Friday.