Source

Biden

Bitcoin

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) has shown remarkable resilience, revisiting the $70,000 price zone, buoyed by macroeconomic indicators and a surge in market optimism.</p>
 <p class="paragraph">With $1 billion being added daily to new whale wallets, Bitcoin could be on the verge of another significant price movement.</p>
 <p class="paragraph">Despite minor setbacks and consolidations since May 21, Bitcoin’s overall trajectory remains bullish. <em>CryptoQuant</em> founder and CEO <em>Ki Young-Ju </em>noted that Bitcoin is exhibiting patterns reminiscent of mid-2020, characterized by stable prices yet high on-chain activity.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Biden vs. Trump: Which President put the U.S. in more debt? <span class="self-center text-xs text-slate-500">14 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin could hit new highs at $82,000 if this pattern plays out <span class="self-center text-xs text-slate-500">30 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    AI revises DOGE price prediction for end of 2024 <span class="self-center text-xs text-slate-500">31 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto trader earns $167,000 in 5 hours trading Trump tokens <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">In a detailed post on X, Young-Ju shared two key charts highlighting the parallels between Bitcoin’s current market behavior and that of <a rel="noopener noreferrer nofollow" title="mid-2020" href="https://thebittimes.com/tag/mid-2020.html">mid-2020</a>, indicating a substantial volume of transactions likely occurring outside of public exchanges.</p>
 <p class="paragraph">The first chart, covering data up to 2020, highlights Bitcoin’s price with the realized cap for new whales—a metric tracking the total value at which newly acquired Bitcoin by large investors last moved.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/05/31/da8b93762cdcfc6aa718045fb30698fb.webp" alt="" class="wp-image-179758" srcset="https://cdn.thebittimes.com/images/2024/05/31/da8b93762cdcfc6aa718045fb30698fb.webp 1024w, https://cdn.thebittimes.com/images/2024/05/31/da8b93762cdcfc6aa718045fb30698fb.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/da8b93762cdcfc6aa718045fb30698fb.webp 768w, https://cdn.thebittimes.com/images/2024/05/31/da8b93762cdcfc6aa718045fb30698fb.webp 1354w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>BTC Realized cap for new whales 2022 vs 2024. Source: Young-Ju/X</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">This metric differs from traditional market capitalization by evaluating each unspent transaction output (UTXO) at its last transacted price rather than its current market price, thus reflecting the actual realized value of all coins in the network.</p>
 <p class="paragraph">Around <a rel="noopener noreferrer nofollow" title="mid-2020" href="https://thebittimes.com/tag/mid-2020.html">mid-2020</a>, this value sharply increased while Bitcoin’s price hovered around $10,000. This period was marked by significant on-chain activity, primarily from over-the-counter (OTC) transactions among institutional players.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="481" src="https://cdn.thebittimes.com/images/2024/05/31/b913b82ca3c94ace43f563b9d6813888.webp" alt="" class="wp-image-179759" srcset="https://cdn.thebittimes.com/images/2024/05/31/b913b82ca3c94ace43f563b9d6813888.webp 1024w, https://cdn.thebittimes.com/images/2024/05/31/b913b82ca3c94ace43f563b9d6813888.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/b913b82ca3c94ace43f563b9d6813888.webp 768w, https://cdn.thebittimes.com/images/2024/05/31/b913b82ca3c94ace43f563b9d6813888.webp 1372w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><br><em>BTC fund flow ratio. Source :Source: Young-Ju/X</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">In the second chart, extending to 2024, a similar pattern emerges. Despite Bitcoin’s price moving sideways for nearly 100 days, the realized cap for new whales shows more pronounced growth.&nbsp;</p>
 <p class="paragraph">Young-Ju notes a significant addition of about $1 billion <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> into new <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="wallets" href="https://thebittimes.com/tag/wallets.html">wallets</a>, indicating increased custody activity rather than speculative trading.</p>
 <h2 class="wp-block-heading" id="h-who-is-selling-bitcoin">Who is selling Bitcoin?</h2>
 <p class="paragraph">Despite the absence of major price fluctuations, the continued substantial on-chain activity suggests a healthy market undercurrent.</p>
 <p class="paragraph">This observation raises the question of who is selling Bitcoin, considering the significant buying by institutional investors and exchange-traded funds (ETFs).</p>
 <p class="paragraph">Potential sellers could include retail investors taking profits, miners selling their rewards, or long-term holders liquidating their positions. This equilibrium hints at a balanced market with steady buying and selling.</p>
 <h2 class="wp-block-heading" id="h-potential-future-trends">Potential future trends</h2>
 <p class="paragraph">If the current trend, resembling Bitcoin’s on-chain activity in 2020, continues, it could lead to significant price changes. In 2020, increased on-chain activity preceded a bull run that saw Bitcoin reaching new record highs in 2021. If history repeats itself, Bitcoin might experience another prolonged period of upward price movement.</p>
 <p class="paragraph">Crypto analysts suggest that Bitcoin is currently fighting its last resistance of $69,000 before setting new all-time highs (ATHs)—a peak last seen during the 2021 bull run.</p>
 <p class="paragraph">Similarly, the Puell Multiple indicator, which evaluates Bitcoin value based on its mining activity, has recently fallen into the “discount range.” This indicator assesses Bitcoin’s mining economy by comparing miners’ daily revenue to the 365-day moving average of this revenue.</p>
 <p class="paragraph">When the Puell Multiple drops into this range, it suggests that Bitcoin may be undervalued compared to its historical performance. Such a situation often presents a favorable buying opportunity for investors anticipating future price increases.</p>
 <p class="paragraph">Researchers at <em>CryptoQuan</em>t believe that the market may be adjusting to a new phase of scarcity, potentially preparing for a rally. The current price range appears to be a suitable accumulation zone despite widespread fear.</p>
 <p class="paragraph">With substantial daily accumulation in whale wallets and the market maintaining equilibrium, the future looks promising for Bitcoin.</p>
 <p class="paragraph">As BTC trades at $68,271, up 0.58% for the day and advancing 19.6% on its monthly chart, the market sentiment remains optimistic for potential future rallies.</p>
 <p class="paragraph">The consistent high-level investments and strategic insights underscore a market that is slowly but steadily gearing up for another upward trajectory, echoing the vigorous activities of mid-2020.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><strong><em> </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-exhibits-mid-2020-vibes-as-whale-wallets-accumulate-1b-daily-tbt90682.html">https://thebittimes.com/bitcoin-exhibits-mid-2020-vibes-as-whale-wallets-accumulate-1b-daily-tbt90682.html</a></p>

Bitcoin exhibits mid-2020 vibes as whale wallets accumulate $1B daily

Table of Contents

TheBitTimes

Other articles published on May 31, 2024

Japanese Digital Exchange DMM Bitcoin Suffers $300 Million Crypto Heist

Solana Price Forecast: Here Is What Next For SOL As DeFi TVL Explodes

Secret Network Unveils the .secret Web3 Domain in Partnership with Unstoppable Domains

Ethereum Set to Surpass All-Time Highs as Bitcoin Dominance Declines

Cardano Price Prediction: Crypto Pundit Forecasts 8,300% Rally To $38, Here’s When

Ethereum ETF staking: Novogratz sees shift in SEC’s stance in 2 years

Join our free newsletter for daily crypto updates!