Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is giving the same vibes as mid-2020.</li> 
 <li>Despite low volatility, on-chain activity is high, with $1B added daily to new whales.</li> 
</ul> 
<p>According to the latest reports, Bitcoin seems to be giving the same vibes as mid-2020.</p> 
<p>CryptoQuant’s CEO, Ki Young Ju <a href="https://x.com/ki_young_ju/status/1796409304108737003" rel="nofollow" target="_blank">notes</a> via X that back in 2020, Bitcoin hovered around $10,000 for six months with high on-chain activity, later revealed as OTC deals.</p> 
<p>He notes that now, despite low price volatility, on-chain activity is still high, with $1 billion added daily to new whale wallets, most likely custody.</p> 
<p><a href="https://x.com/ki_young_ju/status/1796409304108737003/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GO4ZtFGaoAEhPns?format=jpg&amp;name=large" alt="GO4ZtFGaoAEhPns?format=jpg&amp;name=large" width="1952" height="1000" title="Bitcoin Echoes 2020 With High On-Chain Activity, $1B Added Daily To New Whale Wallets 13"></a></p> 
<p>Back in 2020, the number of BTC transferred hit a year-high, and the TXs were not from changes. Fund Flow Ratio of all exchanges hit a year-low, CryptoQuant’s CEO was <a href="https://x.com/ki_young_ju/status/1304044376612429835" rel="nofollow" target="_blank">posting</a> back then.</p> 
<p><a href="https://x.com/ki_young_ju/status/1304044376612429835/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/EhjkUpPUcAA5bjJ?format=jpg&amp;name=large" alt="Image" width="1273" height="636" title="Bitcoin Echoes 2020 With High On-Chain Activity, $1B Added Daily To New Whale Wallets 14"></a></p> 
<p>Last time when this happened, BTC went from $10,000 to $69,000. There was also a period of accumulation between March and November 2021 before the price of BTC took off.</p> 
<p>This time, it may happen sooner, according to the <a href="https://x.com/CheckThatBlue/status/1796489398311117111" rel="nofollow" target="_blank">latest predictions</a>, because Wall Street knows that the central bankers plan on taking the global economy.</p> 
<p>While some people believe that fiat currency devaluation is bad news for crypto, this might be the point when we get to see the “Great Flippening.”</p> 
<p>According to some traders, we have to separate crypto and fiat, as crypto cannot continue to derive its value from fiat currency. Some believe that people need to start demanding their employers pay them in some form of crypto and this way, they can choose to do whatever they want afterwards.</p> 
<h2 id="bitcoin-trades-above-68k">Bitcoin trades above $68k</h2> 
<p>At the moment of writing this article, BTC is trading above $68,000, up by almost 1% from the other day.</p> 
<div class="cryptoboxes " data-realtime="on">
 <div class="coinmc-chart coinmc-trigger">
  <div class="cmc-row middle-md between-md">
   <div class="cmc-md-7 cmc-sm-12 cmc-xs-12">
    <ul class="coinmc-filter coinmc-chart-period">
     <li>
      <div class="coinmc-filter-label">
       Zoom
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="hour">
       Hour
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="day">
       Day
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="week">
       Week
      </div></li>
     <li>
      <div class="coinmc-filter-button active" data-period="month">
       Month
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="year">
       Year
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="all">
       All Time
      </div></li>
    </ul>
   </div>
   <div class="cmc-md-5 cmc-sm-12 cmc-xs-12 end-md start-sm start-xs">
    <ul class="coinmc-filter coinmc-chart-type">
     <li>
      <div class="coinmc-filter-label">
       Type
      </div></li>
     <li>
      <div class="coinmc-filter-button active" data-type="chart">
       <i class="fas fa-chart-line"></i> Line Chart
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-type="candlestick">
       <i class="fas fa-sliders-h"></i> Candlestick
      </div></li>
    </ul>
   </div>
  </div>
  <div class="cmc-row">
   <div class="cmc-md-12">
    <div class="chart-wrapper" data-config="{&quot;type&quot;:&quot;chart&quot;,&quot;coin&quot;:&quot;bitcoin&quot;,&quot;symbol&quot;:&quot;BTC&quot;,&quot;currency&quot;:&quot;USD&quot;,&quot;period&quot;:&quot;month&quot;,&quot;theme&quot;:&quot;light&quot;,&quot;smooth&quot;:true,&quot;areaColor&quot;:&quot;rgb(37,179,98, 0.8)&quot;,&quot;font&quot;:&quot;Saira&quot;,&quot;rate&quot;:1}"></div>
   </div>
  </div>
 </div>
</div> 
<p>According to the latest predictions, BTC is set to end May on a positive note, but a larger battle continues. Despite reaching an all-time high of $73,800 three months ago, Bitcoin has not revisited those levels.</p> 
<p>Recently, Keith Alan, co-founder of trading resource Material Indicators, has <a href="https://crypto.ro/en/news/groundbreaking-69k-bitcoin-monthly-close-predicted-by-recent-analysis/">stated</a> that&nbsp;<a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a>&nbsp;must surpass its previous all-time high from 2021 to achieve a lasting breakout.</p>

Bitcoin Echoes 2020 With High On-Chain Activity, $1B Added Daily To New Whale Wallets

Table of Contents

crypto.ro global

Other articles published on May 31, 2024

Why Bitcoin ETFs Aren’t Favored by Financial Advisors

Bitcoin’s Price Flatlines: What’s Causing the Slowdown?

Bybit Overhauls Leadership After Troubled Notcoin Launch

Community Backlash Intensifies as Linea Asks Matter Labs to Abandon “ZK” Trademark Application

An innovative idea WEBSS.

Huge Transfers Witnessed from Luna Foundation Guard, Eyes Enhanced Security

Join our free newsletter for daily crypto updates!