U.Today

Ki Young Ju, crypto analyst and CEO of CryptoQuant, recently commented on whale transactions of Bitcoin on the X social media platform.

As of now, Bitcoin is priced at $95,772, reflecting a 3.6% drop in the past 24 hours—a stark contrast to its peak of $99,000 on December 25 after a Christmas rally.

Bitcoin Will Hardly Drop Lower Than 30%

Ju noted that the crypto community's perception of whales accumulating Bitcoin has shifted. The routine nature of these large purchases no longer incites significant market reactions, a change from 2-3 years ago when such transactions made headlines. He indicated that retail investors are now sidelined, allowing whales to dominate the market.

Currently, Ju views this as a bull market, with on-chain data revealing that whales are actively buying Bitcoin, leading to an influx of $7 billion in capital weekly. He suggests that even if Bitcoin undergoes a correction, it is unlikely to drop more than 30%, and any decline would be brief, followed by a potential recovery exceeding 30%.

Mysterious Whales Buy 240K-420K BTC

Ju also discussed significant institutional Bitcoin buyers, including spot Bitcoin ETFs, MicroStrategy (led by Michael Saylor), and custodial wallets. These groups have collectively acquired approximately 1.55 million BTC this year.

He mentioned that many institutions buy BTC from whales through privacy transactions, making it difficult to identify certain buyers. There remains uncertainty about some unidentified purchasers who have accumulated between 240,000 BTC and 420,000 BTC. Ju questioned, "Who are these whales?"

This article was originally published on U.Today.