What Are the New Bitcoin Whales Up to Exactly?

Bitcoin fever reaches its climax among institutional investors, where old and new whales vie for the market. According to the CEO of CryptoQuant, newcomers hold significant reserves of BTC.

The Bitcoin whale war: New players shake up the old guard!

The hesitation of whales around previous peaks, notably related to the BTC Spot ETFs and pre-halving atmosphere, now seem distant. With Bitcoin’s halving completed, the situation is becoming clearer. Ki Young Ju’s analysis underlines significant changes in bitcoin ownership among newcomers and veterans.

The new whales' initial investment in #Bitcoin is almost twice the old whales' cumulative total. pic.twitter.com/SU5Aiw1nJB

— Ki Young Ju (@ki_young_ju) April 23, 2024

The data compiled by Mr. Young Ju reveal a gaping gap between the new and old bitcoin holders for the year 2024. According to this crypto analyst, the gap significantly widened on April 21st, with 110 billion dollars in the hands of the former against 66.9 billion for the latter. However, the funds held by these two entities seemed identical last March 15th during the new historical records for bitcoin (66.5 billion against 66.6 billion dollars).

The data shared mid-April by Ki Young Ju, and circulated by Daily Hodl, reveal that the new Bitcoin whales have become major players, now holding 9% of the total supply, which is about 1.8 million BTC. These whales, categorized as short-term holders, have owned their coins for less than 155 days.

Despite a stagnation in demand for Bitcoin exchange-traded funds (ETFs) over the last few weeks, on-chain BTC accumulation remains very active. This observation suggests that even outside of ETF-related transactions, the appetite for acquiring Bitcoin remains strong, which could further influence market dynamics in the coming weeks.

The mysteries of Bitcoin whales

In the tumultuous ocean of cryptocurrencies, Bitcoin whales attract attention. The chart by Ki Young Ju, released parsimoniously on March 18, reveals their buying habits. The old whales, long-time guardians of the flagship crypto, mingle with the newcomers, freshly arrived in the turbulent waters of BTC.

Since November 2022, the purchase points of these behemoths keep skyrocketing, sparking speculative fever among crypto-sphere observers.

Ki Young Ju’s announcement caused a stir. Investors are wondering whether to trust the old or the new whales. The CryptoQuant founder shed some light: the new whales, coming from the traditional world of finance, are flooding in via Bitcoin ETFs.

Among them, familiar names: BlackRock and Fidelity Investments. Their entry point at $56,400 could well serve as a solid bulwark in the upcoming storms.