Whales Accumulate Massive BTC Holdings
CryptoQuant CEO Ki Young Ju reports that Bitcoin whales have amassed a staggering 47,000 BTC (worth $2.96 billion) in just 24 hours. This surge in whale activity signals a potential shift in the crypto market.
Defining Whale Activity
Ju’s analysis focused on whales holding at least 100 BTC and excluding exchanges and miners. This indicates that the accumulation is driven by large individual investors.
Unrelated to ETFs
Ju emphasizes that this whale activity is not tied to recent Bitcoin ETF approvals. Instead, it suggests a broader trend in the market.
New Whales Emerge
Ju previously noted that newer crypto whales have accumulated nearly double the BTC of long-term holders. This shift suggests a changing investor landscape in the Bitcoin market.
Bitcoin Price Surge
At the time of writing, Bitcoin is trading at $63,582, a 2.86% increase over the past 24 hours. The surge in whale activity may be contributing to this price rally.
