According to Ki Young Ju, CEO of CryptoQuant, now is an “ideal time” for whales to accumulate Bitcoin. Despite the recent “boring” price action, Ju believes the market is still in a bull cycle.
Whales Buying In
Ju noted that whales have been actively accumulating Bitcoin. He pointed out that miners have been hedging against price declines by mining other cryptocurrencies, indicating they are not bearish long-term.
Hashprice at All-Time Low
Hashprice, which measures the expected earnings of miners, has reached an all-time low. This has led some miners to slow down investments and switch to other coins. However, Ju believes this is a temporary measure and not a sign of the end of the bull cycle.
Bitcoin Price Action
At the time of writing, Bitcoin is trading at $60,402, down about 3% in the past 24 hours. Despite the recent decline, Ju remains optimistic about the long-term prospects of the cryptocurrency.
