Bitcoin (
BTC
) whales opened massive long positions on the digital asset exchanges Bybit and HTX, according to CryptoQuant chief executive Ki Young Ju.
Young Ju
notes
that the whales opened the long positions at $69,000.


Source: Ki Young Ju/X
Young Ju reminds his followers that Bitcoin whales also opened massive long positions in August 2023, just before a parabolic rally that sent BTC from $25,000 to above $73,000 in just a few months.
The analytics firm CEO also says that Bitcoin isn’t currently overvalued from a network fundamentals perspective. Young Ju cites BTC’s “thermo cap ratio” as evidence.
Thermo cap
represents the weighted sum of mined coins by the creation price, indicating the total investment cost in the Bitcoin network. Young Ju
says
the thermo cap ratio is Bitcoin’s market capitalization divided by the thermo cap.


Source: Ki Young Ju/X
Earlier this month, Young Ju
said
that Bitcoin’s current price action is reminiscent of four years ago when BTC consolidated for over half a year while on-chain activity rose rapidly.
The CEO noted that $1 billion in BTC has been added to whale wallets, which he said is most likely headed off-market to cold storage.
“Same vibe on Bitcoin as mid-2020.
Back then, BTC hovered around $10,000 for six months with high on-chain activity, later revealed as OTC (over-the-counter) deals.
Now, despite low price volatility, on-chain activity remains high, with $1 billion added daily to new whale wallets, likely custody.”
BTC is trading at $68,124 at time of writing.
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