While it remains to be seen whether the rally will continue, the CEO of CryptoQuant indicated that whale buying is behind this increase.
CryptoQuant CEO Ju Ki-young stated in a post on his X account that Bitcoin whales are in the buying phase and a price increase is expected.
Based on the average transaction size in the spot Bitcoin market, the renowned CEO stated that Bitcoin is currently in a phase where large investors are buying, and predicted that this phase will be followed by a price increase.
Ju stated that the spot Bitcoin market typically follows a specific pattern and manifests in two ways, outlining the stages as follows:
“1) Individual investors buy → large investors sell → price falls”
2) Individual investors sell → large investors buy → then the price rises.
There’s a downward trend on the on-chain market and an upward trend off-chain. However, I think we’re currently in a period where whales are buying, and that’s why I expect a price increase afterwards.”
*This is not investment advice.
Continue Reading: Christmas Announcement from CryptoQuant CEO: “Whales are Back in Bitcoin! Next up….”
