Crypto whales are aggressively accumulating Bitcoin (BTC) in an unprecedented manner, according to the CEO of a prominent analytics firm.
CryptoQuant CEO Ki Young Ju tells his 363,000 followers on the social media platform X that the market hasn’t seen the current behavior from whales.
He shares a chart suggesting that new whales have gone on rapid buying sprees while older whales have remained conservative.
“Look at how fiercely the new whales are stacking Bitcoin; this market has never seen such accumulation.”
Ju says that the recent correction from the $67,000 level to about $61,000 is more about games in the futures markets rather than a cool-off of demand.
Says the CEO,
“Real whales move the market through spot trading and OTC markets. That’s why on-chain data is crucial. The older whales haven’t seen particularly high returns, and the whales who entered in this recent bull run have barely made any profits.
They are unlikely to dump on exchanges until liquidity from retail investors starts flowing in.”
In the past, new whales being in profit has hinted at market cycle tops for Bitcoin. In the current market cycle, Ju says that the new whale entities haven’t seen significant profit levels compared to other cycles.
“The new whale wallets, primarily custodial wallets and ETFs, have not yet generated sufficient profit.”
At time of writing, BTC is trading at $61,987.