As a seasoned analyst with over two decades of experience in financial markets, I find myself intrigued by the recent Bitcoin accumulation trend among new whales. Having weathered numerous market cycles, I can attest that this level of fervor among large-scale investors is unprecedented.
Leading digital currency, Bitcoin, is experiencing significant increases in large-scale investors (whales) adding more BTC to their portfolios, marking a hoarding pattern unprecedented in the market. These new whales, who have entered the market during the current bull run, are actively seeking profits.
As per the CEO of a well-known cryptocurrency analytics firm, CryptoQuant, the newly created whale wallets – mainly custodial wallets and those linked to Bitcoin exchange-traded funds (ETFs) that began trading in the U.S. this year – have not yet earned enough profits to cash out their gains.
According to Ki Young Ju, the current fluctuations in the crypto market can be likened to a game within the futures trading sector. Recently, the value of Bitcoin, the leading cryptocurrency, peaked at roughly $66,000 towards the end of last month, only to dip down to around $60,000 in early October. However, it has since rebounded and is now trading above $61,000.
As a researcher, I’ve noted an interesting insight from CryptoQuant’s CEO regarding the influence of ‘whales’ in the cryptocurrency market. These significant investors move the market through direct trading on exchanges and over-the-counter transactions. Interestingly, the older whales haven’t reaped exceptionally high returns lately, but the more recent entrants into the market have barely managed to turn a profit.
According to what he said, these whales might sell off their investments if retail investors begin increasing the liquidity on exchanges as interest increases.
As a cryptocurrency investor, I can’t help but notice the aggressive buying spree of these new “whale” investors in Bitcoin. The market has rarely, if ever, witnessed such intense accumulation.
— Ki Young Ju (@ki_young_ju) October 2, 2024
He also added that the recent whale accumulation data “shows little correlation with ETFs,” suggesting that the whales entering the market aren’t just those buying through spot Bitcoin ETFs.
According to an analysis by QCP Capital, published in CryptoGlobe, cryptocurrencies experienced a greater impact compared to other investment sectors during the escalation of geopolitical conflicts between Israel and Lebanon, as well as Iran’s missile attack. While the S&P 500 index saw approximately 1% decrease, oil prices surged over 2%, contrastingly, Bitcoin fell significantly.
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2024-10-05 03:41