Ki Young Ju, the founder and chief executive of the on-chain data aggregator CryptoQuant, has made an epic statement on Bitcoin whales and their recent massive BTC purchase.
“Secret Bitcoin plan” of whales spotted
Ki Young Ju tweeted that he is “pretty sure something is happening behind the scenes.” What pushed him to this conclusion is, according to the tweet, that a staggering Bitcoin amount has been transferred to permanent holder wallets during the last 30 days — close to half a million coins (404,448 BTC). That is the equivalent of $22,942,919,472.
“We’ll know within a year,” Ju concluded meaningfully. As he posted this, he cited his earlier tweet published on July 24. Back on that day three weeks ago, he spread the word about a whopping 385,000 Bitcoins transferred to cold wallets. He made it clear that that was “an unprecedented level” of whales accumulating BTC.
I’m pretty sure something is happening behind the scenes.
404,448 #Bitcoin have moved to permanent holder addresses over the past 30 days, and it’s clearly accumulation.
We’ll know within a year. https://t.co/Ip0jow2pGN pic.twitter.com/OOxuWcyxJu
— Ki Young Ju (@ki_young_ju) August 6, 2024
Here’s what’s really happening, Ju reveals
What is really happening, according to the CryptoQuant boss, is that some very large and serious financial institutions and, perhaps, even governments, are accumulating a lot of world’s flagship cryptocurrency at the moment: “TradFi institutions, companies, governments, or others.”
So here’s what’s going to happen:
Within a year, some entities—whether they’re TradFi institutions, companies, governments, or others—will announce that they’ve acquired #Bitcoin in Q3 2024.
And retail investors will regret not buying it because they were worried about the…
— Ki Young Ju (@ki_young_ju) August 6, 2024
Within a year, according to Ju’s theory, these entities will announce that they acquired tonnes of Bitcoin in the third quarter of 2024. This is when retail investors, Ju adds, will regret not buying Bitcoin since they were distracted by the German government selling BTC it confiscated from internet movie pirates (50,000 BTC) and the U.S. government selling Mt. Gox Bitcoin worth billions of U.S. dollars.
Bitcoin 14% up this week
Over the past two days, the world’s largest cryptocurrency, Bitcoin, has demonstrated an impressive recovery as it regained 14.3% from its recent losses. This increase took place after BTC lost 23.79% between Friday and Monday, falling from $65,200 to the $49,700 zone.
The recovery started on Monday, allowing Bitcoin to add 12.10% in one day. During the last 24 hours, BTC has risen by slightly less than 2%, mostly trading sideways.
The Friday Bitcoin crash was caused by the collapse of the Japanese stock market, which also pushed U.S. stocks way down. This was the way the Japanese market reacted to an interest rate hike made by the Bank of Japan.
