As a seasoned analyst with over two decades of experience in financial markets, I’ve seen enough market fluctuations to know that every dip is just another opportunity to buy low and sell high. However, the recent accumulation of Bitcoin by permanent holders, as observed by Ki Young Ju, has certainly piqued my interest.
Over the past month, there’s been an enigmatic rush to buy Bitcoins, with long-term investors amassing approximately $23 billion in the digital currency. This buying frenzy, fueled by increased demand, has ignited debate about potential reasons behind it.
Based on recent data from CryptoQuant’s CEO, Ji Young Ju, we have seen a significant rise in the amount of Bitcoin stored in long-term holding wallets during the past month. This increase amounts to approximately 404,448 Bitcoins.
These are the accounts that demonstrate a pattern of long-term investment, and Ki Young Ju suggested that there might be some unseen activities taking place to explain this unusually high accumulation. In July, he characterized it as happening at an extraordinarily rapid pace.
It appears with a high degree of confidence that some significant events are taking place out of sight.
— Ki Young Ju (@ki_young_ju) August 6, 2024
The buildup occurred concurrently with a recent market slump, during which Bitcoin’s value dipped under $50,000 before rebounding. In another post, Ju noted that the phase of cryptocurrency mining exhaustion seems to be waning, and the hashrate is now close to reaching a new peak level.
According to his statement, retail investors seem scarcely present, much like mid-2020, whereas the activity of whales who have been in the space for over three years has decreased after they transferred their assets to new whales. However, he cautioned that macro risks could trigger compulsory sales, while certain on-chain signals are showing bearish tendencies but are on the borderline.
To put it simply, a significant drop in the value of cryptocurrencies led to an all-time low in the Crypto Fear & Greed Index over the past two years, indicating that investors are currently experiencing “extreme fear” – a feeling that has not been reported since last July.
The sentiment index, which draws data from various resources such as social media, has climbed up to 6 since Bitcoin dipped below $18,000 last year. According to this index, the cryptocurrency market exhibits a highly emotional behavior, with investors often experiencing greed when the market is on an upward trend, triggering FOMO or the Fear of Missing Out.
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2024-08-08 02:10