Ancient Bitcoin Whales Could Exhaust Sellers
A prominent analyst says he is closely monitoring the activities of ancient Bitcoin whales as this group of investors could cause sellers to run out of supply.
According to CryptoQuant operator Ki Young Ju, ancient Bitcoin whales or entities that have held large BTC hoards for more than 7 years are still in hibernation despite the sharp price downturn of the past few months.
According to Ju, the original BTC whale last moved on March 28 when Bitcoin rallied to around $47,000. Since then, the leading cryptocurrency by market capitalization has been in a steep downtrend, losing nearly 60% of its value in just over 3 months.
Ju also mentioned that Bitcoin’s Coinbase Premium index recently turned positive for the first time since April. According to the quantum analyst, a positive Coinbase Premium shows that institutional investors are accumulating at current levels.
In June, the quantum analyst noted that most US-based institutional investors, brokers, and market makers (MMs) use Coinbase to buy and sell BTC. He also said that a positive Coinbase Premium index would indicate improved sentiment among deep-pocketed investors.
At the time of writing, BTC is trading at $19,087.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews