Major Bitcoin owners made extraordinarily large purchases in a single day, totaling 47,500 BTC. CEO of CryptoQuant Ki Young Ju offered shrewd analysis, predicting a dramatic change in the market environment.
Bitcoin Resilience: Less Stress from the Fed
Bitcoin has surpassed $64,500 today, solidifying its position as the most popular cryptocurrency despite earlier losses. Since Thursday, significant buys by large-scale investors, or “whales,” have propelled this noteworthy rise.
The Revealed Data
The combined holdings of active whales increased dramatically in just one day, from over 450,600 BTC to almost 498,100 BTC, according to data from the on-chain analytics site CryptoQuant, which was updated as recently as May 2. With a total of 47,500 BTC, this is a significant flood that indicates whales are feeling optimistic.
CEO Views: The Dawn of a New Era
“Bitcoin whales accumulated 47k BTC in the last 24 hours,” said CEO Ki Young Ju, highlighting this trend. A new age is beginning for us.” His words are in line with the idea that Bitcoin is going through a pivotal time.
Whales Accelerate the Market
Whales increased the amount of Bitcoin they were buying, and the Grayscale ETF reached yet another important benchmark. It was the first time the fund has ended the day with a net positive balance since the launch of Grayscale’s Bitcoin ETF on January 11. Following five months of daily sales without a break, the ETF experienced a net inflow of $63 million.
A Change in Paradigm
A new era in the cryptocurrency market is being heralded by the recent spike in whale purchases of Bitcoin and the extraordinary gains of the Grayscale ETF. This wave of institutional money and market optimism signals the beginning of a new phase in the development of Bitcoin, highlighting its tenacity and allure.
CoinObserver.net provides information about cryptocurrencies for educational purposes only. We are not financial advisors, and the content on this website should not be considered investment advice. Cryptocurrency markets are volatile, and investing carries risks. Always consult a professional before making financial decisions. Your investments are your responsibility.
