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Ki Young JooCryptocurrency analyst, CEO and founder of on-chain data company CryptoQuant, took to social media platform
At the time of this writing, Bitcoin is trading at $95,772 after falling 3.6% over the past 24 hours. It was a sharp reversal from the Christmas rally seen on December 25, when Bitcoin briefly rose to $99,000.
Joe Believes Bitcoin Will Not Drop Below 30%
Joe tweeted that the cryptocurrency community's attitude toward whales accumulating large amounts of Bitcoin is much cooler now that such regular purchases have ceased to matter; “It has become so common that it is now daily gossip,” unlike two or three years ago when they were sending shockwaves through the market and making breaking news.
He believes this change in sentiment reflects the fact that retail investors are turning away from Bitcoin and leaving control of the market to the whales.
Joe says the community is now clearly seeing a bull market as on-chain data shows that whales are actively buying Bitcoin, with $7 billion in capital entering the market on a weekly basis.
The CryptoQuant CEO also shared his prediction that in the current bull market, even if Bitcoin reverses and enters a correction, it is difficult for the price to fall more than 30%, and such a decline will certainly be short-lived. After this potential correction, Bitcoin will likely rebound by more than 30% for the month of June.
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Mysterious Whales Buy Between 240,000 to 420,000 Bitcoins: Ki Young Joo
Ki Young Ju also revealed the major institutional buyers of Bitcoin who have been actively accumulating BTC throughout this year. These are spot exchange-traded funds (ETFs), Michael Saylor's precise strategyAnd nursery governor. Cumulatively, these buyers have acquired approximately 1.55 million Bitcoins this year.
Many institutions have purchased Bitcoin from whales via privacy transactions, with Joe revealing: “Whales often use privacy transactions to transfer their funds to new institutional investors.”
However, Joe admitted that there were certain transactions that his on-chain data company was unable to identify, and thus, these buyers remained undisclosed. They bought between 240,000 BTC and 420,000 BTC: “We still don't know who collected approx. 240,000 - 420,000 BTC. Who are these whales?”
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