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Bitcoin Currently in Ideal Time for Whales To Accumulate, According to CryptoQuant CEO – Here’s Why

July 04, 2024

It’s currently an “ideal time” for whales to accumulate Bitcoin (BTC), according to the chief executive of the digital asset analytics firm CryptoQuant.

Ki Young Ju tells his 350,800 followers on the social media platform X that Bitcoin is still in a bull market despite its “boring” price behavior recently.

“Bitcoin market is boring with less volatility.

  • Less interest from both buyers and sellers.

  • Retail exit liquidity not ready.

  • Ideal time for whales to accumulate BTC.

We’re still in a bull cycle. Boring is an opportunity.”

Whales have been accumulating, according to the CEO.

Young Ju noted last week that Bitcoin miners were reportedly hedging against the recent downturn in prices by mining other cryptocurrencies.

“Bitcoin hashprice hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty…

This doesn’t mean the end of the cycle. And they’re not long-term bearish; they’re just hedging and waiting for buy-side liquidity to recover, in my opinion.”

Hashprice refers to the expected value of 1 TH/s of hashing power per day and aims to quantify how much a miner can expect to earn from a given amount of hashrate.

Bitcoin is trading at $60,402 at time of writing and is down nearly 3% in the past 24 hours.

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