The CEO of blockchain analytics platform CryptoQuant says whales bought nearly $3 billion worth of Bitcoin in just 24 hours. It concerns Ki Young Ju, who even dares to speak of the dawn of a “new era” for Bitcoin.
Who are these whales?
To get these results, Ki Young Ju created filters to find investors who own at least 100 Bitcoin but also had made at least one transaction within the last 24 hours.
Of course, centralized exchange platforms and miners were also filtered out.
The recent uptick in whale activity, according to Ki Young Ju, is not related to the Spot Bitcoin ETFs, which were approved by the US Securities and Exchange Commission (SEC) in January.
In total, 47,000 Bitcoin were bought by the whales in the past 24 hours. These are quantities that can make you feel nauseous.
Young whales are aggressively buying Bitcoin
Last month, Ju said that new whales, or investors with at least 1,000 Bitcoin that they have owned for less than 155 days, accumulated almost twice as much Bitcoin as whales who have owned their Bitcoin for 155 days or more (so-called long-term holders).
That may be a trend that is the result of the introduction of the Spot Bitcoin ETFs. After all, many whale wallets will have come from the purchases of the Spot Bitcoin ETFs.
Trading in the American Spot Bitcoin ETFs will open again this afternoon. That could also be an exciting moment for Bitcoin. The results have been lower in recent weeks, but on Friday there was suddenly another inflow of more than 300 million dollars.
Can Bitcoin continue that?
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