2024

Bitcoin

CryptoQuant founder and CEO Ki Young Ju has highlighted a striking similarity between current Bitcoin market activity and the activity seen in mid-2020.&nbsp;
In an X <a href="https://x.com/ki_young_ju/status/1796409304108737003" target="_blank" rel="noopener noreferrer nofollow">post</a> on May 31, Ki’s findings revealed comparatively high on-chain activity and a sharp spike in Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) accumulation — echoing 2020’s accumulation phase, which led to BTC surging to $64,000 by April 2021.
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 “Same vibe on #Bitcoin as mid-2020. Back then $BTC hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals. Now, despite low price volatility, on-chain activity remains high, with $1B added daily to new whale wallets, likely custody.”
</blockquote>
Cointelegraph contacted Ki for a comment but did not receive a response before the publication deadline.
<h2 id="bitcoin-whales-high-activity-low-volatility">Bitcoin whales: High activity, low volatility</h2>
Despite low levels of price volatility, Ki’s “BTC: Realized Cap for New Whales” comparative <a href="https://cryptoquant.com/analytics/query/665953d0ec2ef96b8523ff92?v=665953d1ec2ef96b8523ff93" target="_blank" rel="noopener noreferrer nofollow">chart</a> shows significant movement into BTC. Although the pattern indicates potential BTC accumulation by whales and increased market interest, community responses to Ki’s findings varied.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/5a71f2d6-dc35-4834-bb1a-62dcf8785a35.png" alt="" title="">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/ki_young_ju/status/1796409304108737003/photo/1" target="_blank" rel="noopener noreferrer nofollow">Ki Young Ju</a>
 </figcaption>
</figure>
One X <a href="https://x.com/AdrianStarr108/status/1796419049829933548" target="_blank" rel="noopener noreferrer nofollow">user</a> wondered if Bitcoin is “still a few months away from a breakout?” while others expressed skepticism, noting that the price is not “going up” despite the accumulation and ETF inflows.
Related:&nbsp;<a href="https://cointelegraph.com/news/no-signs-bitcoin-miner-capitulation-despite-plummeting-revenue-cryptoquant" rel="noopener noreferrer nofollow">‘No signs’ of Bitcoin miner capitulation despite plummeting revenue</a>
<h2 id="bitcoin-s-accumulation-phase-in-2020">Bitcoin’s accumulation phase in 2020</h2>
In 2020, BTC’s price stabilized around the $10,000 level for several months. During this time, there was an increase in on-chain activity, which was later attributed to over-the-counter (OTC) deals, as Ki mentioned.
This accumulation phase and high activity eventually resulted in BTC’s price reaching around $29,000 by the end of 2020.
When compared, Ki’s 2024 vs. 2020 chart indicates that ongoing market dynamics strongly echo the previous lead-up to a bull run, presenting a similar historical parallel — and high expectations.
<h2 id="implications-for-the-market-ahead">Implications for the market ahead</h2>
According to crypto analysts, <a href="https://cointelegraph.com/news/traders-say-bitcoin-price-fights-last-resistance-at-69k-before-new-all-time-highs" rel="noopener noreferrer nofollow">BTC price is fighting its “last resistance” of $69,000</a> before setting new all-time highs (ATHs) — a peak reached during the 2021 bull run.&nbsp;
Despite community speculation — sparked by the ongoing daily $1 billion BTC accumulation&nbsp;— pseudonymous crypto analyst CryptoCon <a href="https://x.com/CryptoCon_/status/1795865980620402782" target="_blank" rel="noopener noreferrer nofollow">recently</a>&nbsp;described the current low volatility around previous ATHs as “healthy price action.”&nbsp;
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/" rel="noopener noreferrer nofollow">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

Bitcoin whale accumulation echos 2020: CryptoQuant CEO

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Cointelegraph

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