U.Today – Notable Insights from the Bitcoin Ecosystem

Analysis of Bitcoin whales' activities has revealed important trends in the market. Ki Young Ju, the founder and CEO of CryptoQuant, recently shared insights on X, noting that new whales currently hold 1.97 million Bitcoin.

Institutional Influence Growing

According to Young Ju, these new whales each own over 1,000 BTC in exchange-traded funds (ETFs) and custodial wallets. Interestingly, their average holding period is under 155 days, indicating that these HODLers have been in the market for about five months.

The wallets in question appear to belong to institutional investors, custodians, or companies, rather than retail traders. The fact that these wallets are not linked to exchanges or mining operations supports this theory.

Despite an average holding time of five months, these whales have been aggressively accumulating Bitcoin, with their balance sheets showing an astonishing 813% increase year-to-date in 2024. Some analysts speculate that the German government's sale of Bitcoin may have presented an opportunity for these massive accumulations.

The Bitcoin held in these wallets is valued at nearly $132 billion based on the current market price, with the whales controlling 9.3% of the total Bitcoin supply. Their activities are likely to affect the broader market significantly.

Market Impact and Investor Sentiment

As of now, Bitcoin's price has adjusted to $67,624.48, reflecting a 2.87% increase in the past 24 hours. The asset briefly surpassed the $68,000 resistance level, reaching $68,135 during earlier trading. Investors maintain a bullish outlook, expecting a rise if momentum continues.

Given the whales' control and potential market impact, investors are hopeful that they do not sell too many assets. Experts warn that if the whales decide to sell due to price rebounds, it could lead to a crash in Bitcoin prices, reminiscent of the Uptober rally.

This article was originally published on U.Today