New Bitcoin Whales Out-Invest Old Ones

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According to Ki Young Ju, the founder and CEO of CryptoQuant, new whale investors are making significantly larger first purchases than what the old whales had accumulated in total.

Approximately $110.6 billion in Bitcoin is controlled by short-term holding whales, significantly more than the $67 billion possessed by long-term holding whales.

To be considered a “short-term holder whale” in CryptoQuant, the typical length of time coins have been held in an address is under 155 days. Furthermore, this platform does not take into account the addresses associated with centralized exchanges or mining operations.

Not enough profits?

Last week, the CEO of CryptoQuant conducted a detailed analysis of the unrealized gains for different groups in the on-chain market. The old whale investors topped the list, having amassed profits amounting to 223%.

Nevertheless, recently converted whale investors, who entered the crypto market via Bitcoin ETFs from the traditional finance sector, currently face only slight gains of 1.6% on their holdings.

Small-scale miners experienced a remarkable gain, their profits reaching an impressive 130% over their initial investment. In contrast, larger mining operations saw profits amounting to only 81% of their original investment.

Based on the CEO’s perspective at CryptoQuant, these gains aren’t sufficient yet. Therefore, it’s doubtful that the ongoing cryptocurrency bull market will conclude at its present phase.

The fight for $67K

Currently, Bitcoin’s price is hovering just over $66,000 in the markets, having reached a high of $67,208 earlier.

On Monday, a total of approximately $62 million was invested in Bitcoin ETFs. Fidelity’s IBIT had the most significant investment at around $35 million. Ark’s ARKB followed closely with roughly $22.6 million. BlackRock’s IBIT ranked third with about $19.7 million, marking its continuous streak of attracting new investments.

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2024-04-23 12:02