Unidentified Whales Buy 240K-420K Bitcoins This Year: CryptoQuant CEO

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by Ki Young Ju’s insights into the whale transactions and market trends. His perspective, shaped by his role as CEO and founder of CryptoQuant, offers a unique vantage point that few can match.

Ki Young Ju, a well-known crypto analyst and CEO/founder of the on-chain data platform CryptoQuant, has expressed his thoughts about the recent whale transactions observed on a popular social media site (often referred to as Twitter in earlier times), as these whales have been acquiring large amounts of Bitcoin.

Currently, a single Bitcoin is being traded at approximately $95,772, representing a decrease of 3.6% over the past day. This decline comes as a sudden reversal following the significant rally on Christmas Day, December 25, when Bitcoin momentarily reached $99,000.

Bitcoin will hardly drop lower than 30%, Ju believes

Recently, it’s become more commonplace in the crypto community for large Bitcoin accumulations by “whales” to be a regular topic of conversation, rather than causing significant market disruptions or headlines as they did 2-3 years ago.

He believes that this change in sentiment reflects the fact that retail investors are keeping away from Bitcoin and have left market domination to whales.

The narrative of whale accumulation on #Bitcoin has become so common that it’s now daily chatter.

Just 2–3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news—it’s just expected, routine information.

This shift…

— Ki Young Ju (@ki_young_ju) December 26, 2024

Currently, it’s evident that Ju notes we’re experiencing a bull phase in the market, as on-chain information indicates large investors (whales) are consistently purchasing Bitcoin, with approximately $7 billion being invested into the market every week.

According to CryptoQuant’s CEO, during the current bull market, if Bitcoin experiences a reversal and goes into a correction, it probably won’t fall more than 30%. Any such decline would be brief, as per his prediction. Following this temporary correction, Bitcoin may well rebound by over 30%, according to Ju’s expectation.

Mysterious whales buy 240K-420K BTC: Ki Young Ju

Additionally, Ki Young Ju disclosed the significant institutional investors who have been consistently purchasing Bitcoin throughout the year. These key players include spot Bitcoin exchange-traded funds (ETFs), MicroStrategy led by Michael Saylor, and custodial wallets. Collectively, they have amassed approximately 1.55 million BTC during this period.

Numerous institutions are reportedly acquiring Bitcoin from large investors (whales) through private transactions, as per Ju’s revelation. In essence, these big investors often employ private transactions to move their funds to new institutional buyers.

Despite Ju acknowledging that some transactions involving up to 420,000 Bitcoin were untraceable by his on-chain data company, the identities of these significant Bitcoin holders (or “whales”) remain a mystery: “Who exactly has amassed around 240K–420K Bitcoin?

Over the last two years, there’s been a threefold increase in the yearly average of privacy transactions involving Bitcoin. Some people believe this rise is due to cybercriminals washing ill-gotten gains, but according to Chainalysis, the total amount of Bitcoin lost to hacking amounts to only $2.2 billion… However, it’s also been suggested that whales might be accumulating Bitcoin through these transactions.

— Ki Young Ju (@ki_young_ju) December 26, 2024

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2024-12-26 15:20