According to CryptoQuant's CEO, Ki Young Ju, now is a prime opportunity for large investors to gather Bitcoin (BTC).
Sharing his views with his 350,800 followers on X, he believes that despite Bitcoin’s current lackluster price movements, the market remains bullish.
#Bitcoin market is boring with less volatility.
= Less interest from both buyers and sellers.
= Retail exit liquidity not ready.
= Ideal time for whales to accumulate $BTC.= We’re still in a bull cycle. Boring is an opportunity. pic.twitter.com/zccHAbOOHA
— Ki Young Ju (@ki_young_ju) July 1, 2024
Ju highlights the subdued market activity, noting the low interest from both buyers and sellers.
He sees this as the perfect scenario for whales to amass BTC, considering the market’s overall bull cycle status. CryptoQuant’s director describes the current quiet phase as a chance for strategic accumulation.
Ju also points out that Bitcoin miners have been adjusting to the recent price declines by mining alternative cryptocurrencies, a move he views as a temporary hedge rather than a sign of long-term bearish sentiment.
This strategy aims to navigate market uncertainties while awaiting a recovery in buyer interest.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.