Mon Oct 07 22:02:48 UTC 2024: ## Bitcoin Whales on a Buying Spree, Driving Unprecedented Accumulation

**CryptoQuant CEO Ki Young Ju reveals that new Bitcoin whales are aggressively accumulating BTC, leading to unprecedented levels of market accumulation.**

Ju, who boasts a following of over 363,000 on X (formerly Twitter), highlights the stark difference between the behavior of new and older whales. While older whales remain cautious, new whales are rapidly buying up Bitcoin.

This buying spree, according to Ju, is not a response to a cooling off of demand but rather a result of games within the futures markets. He emphasizes the importance of on-chain data, stating that real whale activity occurs in spot trading and over-the-counter (OTC) markets.

Historically, new whales entering a market and being in profit has signaled a market cycle peak. However, in the current cycle, Ju notes that new whale entities have yet to see substantial profit levels compared to previous cycles.

This could suggest that the current accumulation phase may continue for a while longer.

“The new whale wallets, primarily custodial wallets and ETFs, have not yet generated sufficient profit,” Ju observes.

At the time of writing, Bitcoin is trading at $61,987.

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