Ki Young Ju, a prominent analyst and founder of CryptoQuant, has shared an on-chain insight into the trading activities of Bitcoin (BTC). In a post on X, Young Ju jokingly expressed how Bitcoin whales feel despite their market action over the past few years.
Massive whale sell-off fails to suppress Bitcoin
According to the analyst, Bitcoin whales have dumped $142 billion worth of BTC onto the market since 2023.
For clarity, in 2023, Bitcoin’s price was around $20,000, and steady dumping action by these whales commenced from then. Since the price of BTC has climbed to about $97,000, traders have flooded the market with BTC.
Analysts say a rough estimate of the volume of BTC that $142 billion spread across 2023 to date could purchase would give over 2.5 million Bitcoin.
However, despite this massive volume of Bitcoin “dumped” on the market, it has not prevented BTC from increasing in value. As the sell-off intensified, the realized profit for the coin grew in contrast, as shared in the chart posted on X.
Old Whales:
man… we dumped $142B worth of #Bitcoin since 2023, but it just keeps going up… sorry bears. we tried. pic.twitter.com/5p3wP6fzkF
— Ki Young Ju (@ki_young_ju) February 11, 2025
In his comical presentation, Young Ju noted that old Bitcoin whales could say, “It just keeps going up… sorry, bears, we tried.”
This suggests that their large sell-offs to push Bitcoin prices down failed. Instead, the market absorbed the selling pressure and remained bullish. This was likely a result of demand by institutional investors, retail accumulation and Bitcoin exchange-traded funds (ETFs).
Bitcoin, Road to $1 Million?
Bitcoin has maintained its leading position in the digital currency space, soaring to breach $100,000 in the short term. Notably, the coin hit that milestone in December 2024, and a month later, on Jan. 19, 2025, it hit an all-time high (ATH) of $109,114.88.
This feat drew a reaction from Bitcoin enthusiast Michael Saylor of Strategy, formerly MicroStrategy. Today, Strategy has rebranded with a Bitcoin-first investment agenda.
As of this writing, the Bitcoin price was changing hands at $97,560.78, marking a 0.21% decline in the last 24 hours. In earlier trading, the coin hit a high of $98,492.90 in a bullish attempt to cross the $100,000 resistance level.
Interestingly, one of the first Bitcoin users, Hal Finney, predicted that Bitcoin’s price could soar to $1,000,000. Analysts say while the coin is currently about one-tenth of that prediction, and only time will tell if BTC could hit that epic prediction mark.
