The CEO of digital asset analytics company CryptoQuant has stated that now is the “ideal time” for whales to accumulate Bitcoin.
Ki Young Ju told his 350,800 followers that despite the recent “boring” price action of Bitcoin, it is still in a bull market.
“The Bitcoin market is quite boring, with low volatility. Both buyers and sellers have reduced interest. Retailers have not yet prepared for the exit of liquidity. It is an ideal time for whales to accumulate BTC. We are still in a bull market cycle. Boredom is an opportunity.”
Source: Ki Young Ju/X
The CEO stated that whales have been accumulating.
Young Ju noted last week that Bitcoin miners are hedging recent price drops by mining other cryptocurrencies.
“The Bitcoin hash price has hit a historic low. Many mining companies have slowed down their investments in mining platforms, and some companies have switched to using other PoW coins to hedge market uncertainty… This doesn’t mean the end of the cycle. And they are not long-term bearish; in my opinion, they are just hedging and waiting for buyer liquidity to recover.”
The hash price refers to the expected value of hash power per 1 TH/s per day and is intended to quantify how much money miners are expected to earn at a given hash rate.
At the time of writing, Bitcoin’s trading price is $60,402, down nearly 3% in the past 24 hours.
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