- Bitcoin (BTC) whales have reportedly purchased nearly $3 billion worth of the leading cryptocurrency in a 24-hour span, according to CryptoQuant CEO Ki Young Ju.
- The massive accumulation of Bitcoin by these large-scale investors signals the advent of a new era in the crypto market.
- Ju’s analysis reveals that this surge in whale activity is not linked to Bitcoin exchange-traded funds (ETFs), which gained approval from the U.S. Securities and Exchange Commission (SEC) earlier this year.
Bitcoin whales have reportedly accumulated nearly $3 billion worth of BTC in just 24 hours, marking a significant shift in the crypto market landscape.
Bitcoin Whales on a Buying Spree
CryptoQuant CEO Ki Young Ju recently informed his 345,000 followers on social media platform X that Bitcoin whales have purchased tens of thousands of BTC within a single day. This massive accumulation of the leading cryptocurrency by these large-scale investors could potentially signal the beginning of a new era in the crypto market.
Not Linked to Bitcoin ETFs
Ju further noted that this recent surge in whale activity surrounding Bitcoin is not related to the approval of Bitcoin ETFs by the SEC in January. Instead, the accumulation seems to be driven by other factors within the crypto market. Ju’s analysis is based on CryptoQuant’s search filters, which track the activity of Bitcoin whales that hold at least 100 BTC and have conducted a transaction within the past 24 hours.
New Whales vs. Long-Term Holders
Last month, Ju observed that newer crypto whales – defined by CryptoQuant as investors holding at least 1,000 Bitcoin with an average coin age of less than 155 days – have accumulated nearly twice as much BTC as their long-term holder counterparts. These long-term holders typically possess at least 1,000 Bitcoin with an average coin age of 155 days or more. This shift in accumulation patterns could have significant implications for the future dynamics of the Bitcoin market.
Conclusion
The recent massive accumulation of Bitcoin by whales is a noteworthy development in the crypto market. This trend, coupled with the shifting accumulation patterns between new whales and long-term holders, could potentially signal the advent of a new era in the Bitcoin market. As the crypto market continues to evolve, these trends will be crucial to watch for investors and market participants alike.
