Bitcoin Whales Open Massive Long Positions at $69,000 per BTC on Bybit and HTX

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As a seasoned crypto investor, I’ve witnessed my fair share of market fluctuations and have learned to pay close attention to trends and patterns that could indicate potential price movements. The recent activity of major Bitcoin whales opening massive long positions on exchanges Bybit and HTX at around $69,000 is a development that piques my interest.

Large-scale Bitcoin investors, often referred to as “whales,” have lately bought substantial amounts of the premier cryptocurrency through well-known exchanges Bybit and HTX, at approximately $69,000 per coin.

According to Ki Young Ju, the CEO of cryptocurrency analytics firm CryptoQuant, an intriguing development is currently unfolding in the Bitcoin market. He noted that there are sizable long positions being amassed, reminiscent of August 2023 when Bitcoin whales took similar actions before the price surged parabolic, propelling Bitcoin from approximately $25,000 to a new peak above $73,500.

#Bitcoin whale(s) on HTX opened massive long positions at $69k.

— Ki Young Ju (@ki_young_ju) June 9, 2024

Based on network fundamentals, Young Ju argues that the price of the flagship cryptocurrency is not inflated. He supports this claim using the Thermo Cap ratio, which represents the accumulated value of all Bitcoin ever mined, serving as a measure of the total investment made in the network.

According to his explanation, a larger Thermo Cap ratio signifies robust network fundamentals. This ratio is calculated by dividing the market capitalization by the Thermo Cap.

As a crypto investor, I would explain it this way: The Thermo Cap refers to the total value of all Bitcoin mined to date, which represents the collective investment made in the Bitcoin network. A larger Thermo Cap signifies stronger foundations for the network. To assess Bitcoin’s valuation relative to its foundational strength, we calculate the ratio by dividing the Market Cap by the Thermo Cap.

— Ki Young Ju (@ki_young_ju) June 3, 2024

I’ve come across an intriguing piece of news from CryptoGlobe: the value of Bitcoin might be positively influenced by the expansion of the US money supply. This development comes as global liquidity has reached almost $100 trillion, with Bitcoin currently trading at around $71,000.

Based on a chart posted on microblogging platform X (previously referred to as Twitter) by Philip Swift, the founder of on-chain data service LookIntoBitcoin, global supply (referred to as M2) is approaching a record-breaking level of around $100 trillion.

As a researcher studying the correlation between Bitcoin price movements and global liquidity, I’ve discovered some intriguing patterns using Swift’s platform. This platform tracks the M2 money supply, which currently stands at an unprecedented $94 trillion. Compared to the figure observed in late 2021 when Bitcoin hit its previous all-time high of $69,000, there is a significant increase of approximately $3 trillion. These findings suggest that the current level of global liquidity may be contributing to the recent surge in Bitcoin prices.

M2 bounced back by 10% to reach $93.5 trillion since its dip in late 2022 when Bitcoin hit rock bottom during the crypto market downturn. This trend aligns with other recent liquidity assessments, suggesting a positive forecast for Bitcoin’s price movement.

It’s worth noting the connection between Bitcoin and the US M1 money supply. The US M1 money supply, which has been in a prolonged consolidation phase for the past seven years – the longest such period in Bitcoin’s existence – is now showing signs of a breakout. This could indicate substantial potential for growth in the Bitcoin market.

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2024-06-12 01:46