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- The founder of on-chain analysis platform CryptoQuant, Ki Young Ju, has indicated that the cryptocurrency market is entering a new phase.
- In a post dated May 3rd, Ki Young Ju focused on a striking on-chain data, highlighting that Bitcoin whales accumulated 47,000 BTC worth $2.4 billion in the past 24 hours.
- Whales, often known as long-term investors, buying large amounts of Bitcoin could indicate their increased confidence in the market and belief in its future value appreciation.
Bitcoin whales accumulate 47,000 BTC in 24 hours, signaling a new phase in the cryptocurrency market, according to CryptoQuant’s founder Ki Young Ju.
Bitcoin Whales Accumulate 47,000 BTC
According to Ki Young Ju, the founder of on-chain analysis platform CryptoQuant, Bitcoin whales have accumulated a massive 47,000 BTC, equivalent to $2.4 billion, in the past 24 hours. This significant accumulation suggests a new phase in the cryptocurrency market, potentially indicating increased confidence among these large-scale investors.
Whales Indicate Market Confidence
Whales, often recognized as long-term investors, are known for their large-scale investments in Bitcoin. Their recent accumulation could be a strong indication of their increased confidence in the market. It also suggests their belief in the future value appreciation of Bitcoin, which could be a positive sign for other investors in the market.
Impact on Smaller Investors
The positive price movements seen in line with the whales’ purchases could also push smaller investors into a state of FOMO (Fear of Missing Out), potentially helping to gain new momentum for the upward trend.
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Conclusion
The recent accumulation of Bitcoin by whales indicates a new phase in the cryptocurrency market. This could be a sign of increased confidence among these large-scale investors, potentially leading to further positive price movements and a new momentum for the upward trend. As the market continues to evolve, it will be interesting to see how these developments unfold.
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