- Whale accumulation in Bitcoin has become a common occurrence in the modern market
- Concerns about a bubble but Ki Young Ju disagrees, claiming constant market inflows
- He believes the Bitcoin market is still in a bull run according to on-chain data
Ki Young Ju, the CEO of one of the best-regarded blockchain analytics firms in the world, Crypto Quant, recently went on Twitter to weigh in about the current state of the cryptocurrency market. In a post made on December 26, Ju analyzed the Bitcoin market, sharing one potentially alarming concern, and one positive news for investors.
In the post, the Korean spoke about how whale investors accumulating digital assets has become ordinary, a direct contrast to a couple of years back when such market movements were seen as breaking news hinting that something about a specific asset was bound to happen.
One interesting aspect that Young Ju mentions in his publication is that crypto whales are “outperforming” regular retail investors, and could be on their way to dominating the market. In truth, whale accumulation has been at an all-time high status since October, with large investors accumulating up to $40 billion in BTC this year alone.
Amidst the rapid whale accumulation, there are concerns about Bitcoin’s bull run forming a “bubble.” However, Ki Young Ju disagrees, explaining that despite the inflow of capital, the market is not in danger of a bubble forming.
“I define a bubble as a period when the market price significantly exceeds the capital flowing in, as measured on-chain. Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market.”
Bitcoin Down 5% in The Day
The world’s largest currency by market capitalization began the day on a down note. After retesting the $100,000 zone yesterday, BTC plunged by almost $5,000 over the past 24 hours.
At this time of writing the currency is at $95,601—down 3.28% from yesterday. The larger picture shows signs of a stagnating market with Bitcoin losing about 1% in value over the week, and gaining 3.26% over the last 30 days.
Ki Young Ju Claims Bull Cyicle is Not Over
Amidst these stagnating signs, investors grow weary of the market turning bearish as 2025 arrives.
However, the CryptoQuant CEO doesn’t believe that Bitcoin’s bull cycle is over, claiming that he doesn’t believe in major market reversals. The Korean developer and blockchain analyst also mentioned that we’re more than likely not seeing Bitcoin drop by over 30% in value, and even if it does he believes the market would quickly regain those losses.
“For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction.”
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