CryptoQuant CEO Ki Young Ju reports that Bitcoin whales have taken massive long positions on the exchanges Bybit and HTX. These positions were opened at $69,000.
Whales’ Previous Success
Ju points out that whales also opened significant long positions in August 2023, which preceded a sharp rally that saw BTC rise from $25,000 to over $73,000 in a few months.
Bitcoin’s Fundamentals
Ju argues that Bitcoin is not overvalued based on network fundamentals. He cites the “thermo cap ratio,” which represents the total investment cost in the Bitcoin network, as evidence.
Whale Activity
Earlier this month, Ju observed a surge in on-chain activity and the addition of $1 billion in BTC to whale wallets. He believes this activity indicates that whales are moving their holdings to cold storage.
Current Market Conditions
As of writing, BTC is trading at $68,124. Ju notes that despite low price volatility, on-chain activity remains high.
