Bitcoin

DeFi

Grayscale Bitcoin Trust

<div class="intro-text">
 CryptoQuant founder and CEO Ki Young Ju has drawn parallels between the current market dynamics and those in the mid-2020 period that preceded Bitcoin’s previous bull run, raising expectations and speculation about the potential for a similar historical pattern to unfold in the near future.
</div>
In a<a style="color: #0000ff;" href="https://twitter.com/ki_young_ju/status/1796409304108737003?t=zFts4zJk7ogj8GifdJCdCA&amp;s=19" rel="noopener noreferrer nofollow"> post</a> on X (formerly Twitter) on May 31, Ki, referencing data from CryptoQuant, noted that on-chain activity remains high despite low price volatility, with around $1 billion being added daily to new whale wallets, likely for custody purposes.
&nbsp;
Ki’s comparison suggests that the current market dynamics closely mirror those observed in 2020, which preceded Bitcoin’s surge to $64,000 by April 2021. He alluded to possible accumulation by whales and rising interest in the market due to significant inflows into Bitcoin, even with its low price volatility. Ki believes this pattern could be a strong bullish signal, similar to the surge in over-the-counter (OTC) sales volume witnessed in February 2019.
The CryptoQuant CEO’s observations have sparked varied reactions from the crypto community. One user on X, identified as @Andrian Stewart<a style="color: #0000ff;" href="https://twitter.com/AdrianStarr108/status/1796419049829933548?t=64rOwXREMo19wni9B7cEng&amp;s=19" rel="noopener noreferrer nofollow"> questioned</a> whether Bitcoin is “still a few months away from a breakout,” while another X user, @Odajubb was sceptical,<a style="color: #0000ff;" href="https://twitter.com/odajubb/status/1796418200902815825?t=enpkFSpMHLu4RdKCdCJWcA&amp;s=19" rel="noopener noreferrer nofollow"> pointing out</a> that the price isn’t “going up” despite the accumulation and ETF inflows.
Notably, pseudonymous crypto analyst CryptoCon recently<a style="color: #0000ff;" href="https://twitter.com/CryptoCon_/status/1795865980620402782?t=RV2nKVPqBy9-qGIpz3G8lg&amp;s=19" rel="noopener noreferrer nofollow"> described</a> the current low volatility around previous all-time highs as “healthy price action.”
According to<a style="color: #0000ff;" href="https://blog.coinshares.com/volume-184-digital-asset-fund-flows-weekly-report-1e6d324b3192" rel="noopener noreferrer nofollow"> CoinShares’</a> latest weekly report, there is an ongoing daily accumulation of $1 billion in Bitcoin, primarily driven by institutional and long-term investors seeking to increase their exposure to spot Bitcoin ETFs (Exchange-Traded Funds). These ETFs allow investors to buy shares representing Bitcoin, making it easier for large investors to gain exposure without directly handling the cryptocurrency.
Recently,<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/blackrocks-ibit-overtakes-grayscale-as-largest-bitcoin-fund/" rel="noopener noreferrer nofollow"> BlackRock’s iShares Bitcoin Trust (IBIT) surpassed Grayscale Bitcoin Trust (GBTC) to become the largest Bitcoin exchange-traded fund (ETF) globally</a>. According to<a style="color: #0000ff;" href="https://heyapollo.com/bitcoin-tracker/overview" rel="noopener noreferrer nofollow"> the latest available data</a>, IBIT holds 289,057 BTC in its portfolio, while GBTC holds approximately 286,981 BTC.
&nbsp;
Disclaimer: This report is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/05/cryptoquant-ceo-draws-parallels-between-current-bitcoin-dynamics-and-2020-bull-run-setup/" rel="noopener noreferrer nofollow">CryptoQuant CEO Draws Parallels Between Current Bitcoin Dynamics and 2020 Bull Run Setup</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

CryptoQuant CEO Draws Parallels Between Current Bitcoin Dynamics and 2020 Bull Run Setup

DeFi Planet

Други статии, публикувани на 31.05.2024 г.

FOMO on PEPE’s Rise? These Altcoins Are Next to Moon

Community Reactions to Ethereum’s Potential All-Time High

Apu Memecoin Soars, Reaching 11,600 Token Holders with Strong Community Support

SimpleSwap Launches a Trading Contest With $12,000 prize pool (31 May)

Kima Network and Verida Enters into a Strategic Partnership

2024 Altcoin Investment Guide: Top Picks

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!