Bitcoin Whales Move Out Of Character With This Bull Market, What’s Happening?
05 Outubro 2024 - 2:30PM
NEWSBTC
Ki Young Ju, the founder of the on-chain analytics platform
CryptoQuant, revealed that Bitcoin whales are currently moving out
of character in terms of profit-taking. These whales likely believe
that the bull is far from over, which is why they haven’t secured
as much profit as they have done in previous bull runs.
Bitcoin Whales Have Taken Lesser Profits In This Market Cycle Than
Past Ones Ki Young Ju mentioned in an X post that if the Bitcoin
bull cycle were to end here, it would mean that Bitcoin whales have
just set the record for the least profit-taking across all cycles
ever. Crypto analyst Ali Martinez tried to counter Ki Young Ju’s
point by highlighting how these whales have been distributing their
BTC across different addresses, leading to a drop in the number of
addresses holding between 1,000 and 10,000 BTC. Related
Reading: ‘FLOKI Master Plan’: Crypto Analyst Predicts 2,000% Jump
For The Shiba Inu Competitor However, the CryptoQuant founder
claimed that this is still the lowest return rate across all
cycles, no matter how much these whales sold through those
different wallets. He also revealed that the whales that are
selling now are doing so with little profit, suggesting that they
are likely new whales with weak hands. Meanwhile, Ki Young Ju
noted that the type of transactions that Martinez alluded to cannot
always be considered as sales. He remarked that one must look at
more macro-level aggregated data, such as historical realized
profit, rather than just transactions to get the bigger
picture. These whales are believed to be holding back on
taking profits just yet, considering that the bull run looks to be
far from over. The CryptoQuant CEO also mentioned earlier that
Bitcoin was still in the middle of a bull run based on the market
cap to realized cap metric. Instead of taking profits, these
Bitcoin whales are still accumulating more BTC ahead of the next
leg of the bull run. CryptoQuant recently revealed that there has
been a surge in the outflows from exchanges, the largest since
November 2022. Meanwhile, Ki Young Ju also noted that new whales
are accumulating at a rate the market has never witnessed
before. When Is This Market Cycle Expected To Peak? Crypto
analysts like Rekt Capital have predicted that the Bitcoin market
top could occur sometime in mid-September or mid-October 2025.
However, in a recent report, CoinMarketCap offered a different
opinion, predicting that the cycle top could potentially be between
mid-May and mid-June 2025. Related Reading: Analyst Says PEPE
Bearish Continuation Is Possible For A 50% Price Crash The platform
noted that Bitcoin is currently ahead of historical trends,
especially considering that it hit a new all-time high (ATH) before
the Halving event. CoinMarketCap pointed out that this market cycle
is accelerating by approximately 100 days, which indicates that the
next peak could arrive sooner than expected. Featured image
created with Dall.E, chart from Tradingview.com
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