As Bitcoin continues its sideways movements, experts examining on-chain data continue to look for a signal of the next move.
CryptoQuant CEO Ki Young Ju shared a chart in his latest post, stating that Bitcoin whales are on the move.
Stating that Bitcoin whales showed a similar movement before the rally in 2017, the analyst used the following statements:
“It’s the biggest move I’ve seen since 2017, excluding outliers.
The average transfer amount has increased by 5 times. When we look at the fund flow rate, we see that most of them are not related to the stock markets.”
When we examine the chart shared by Ju, we observe that there has been a serious increase in price with the action of Bitcoin whales in 2017 and 2021.
We understand from the notion that we are not at the top of this graph. Because we observe that Bitcoin whale movements have decreased significantly in regions close to the peaks.
The action of Bitcoin whales confirms our thesis that the accumulation of Bitcoin long-term holders is over. Regardless of short-term fluctuations, a lot of on-chain data indicates that we are in the starting zone of a new rally in Bitcoin.
*Not Investment Advice.