Bitcoin price recently broke a key support level and declined below $20,000. Significant concerns about inflation and rate hikes signaled by central banks, especially the US Federal Reserve, have caused BTC’s value to halve over the past month.
Amid the ongoing crypto crisis, the popular volume analyst claims that he is closely monitoring the behavior of older bitcoin whales as investment groups may force sellers to run out of supply.
ancient btc whale still in range
Cryptoquant CEO Ki Young Joo revealed that despite the dramatic decline in the king cryptocurrency over the past few months, ancient bitcoin whales, or entities that have held their large BTC stacks for more than seven years, are still in their sleep.
Ancient bitcoin whales are still silent in this area and are still 54x the actual price of $358, even though they are more than seven years old. Most of the newcomers, including institutions and miners, are currently submerged. Unless the ancestors supply some BTC, the sell-off supply in the market will continue to decrease.
He says that the first bitcoin whales traded were when bitcoin climbed to around $47,000 on March 28. Since then, the most valuable cryptocurrency has experienced a sharp drop, with nearly 60% of its value falling in just three months.
Xu also mentioned that he is keeping an eye on the Coinbase Premium Index for bitcoin, which he recently turned positive for the first time since April. Quant Analyst believes that institutional investors are snatching BTC at its current levels due to strong Coinbase Premium charts.
Quant Analyst reported in June that most institutional investors, brokerage houses and market makers (MMs) use Coinbase to buy and sell bitcoin with US locations. Additionally, he added that a rising mood among wealthy investors would be indicated by a rising bitcoin Coinbase Premium Index.