CryptoQuant CEO thinks there’s “something happening behind the scenes” with Bitcoin.
Ki Young Ju, the CEO of CryptoQuant, made a big statement about Bitcoin whales and their recent huge BTC purchase. He tweeted about a “secret Bitcoin plan,” saying he’s “pretty sure there’s something going on behind the scenes.”
According to his tweet, nearly half a million Bitcoins (404,448 BTC) have been moved to long-term holder wallets in the last 30 days. This amount is worth about $22.94 billion.
“We’ll know within a year,” Ju said, hinting at significant developments to come. He referenced a tweet from July 24, where he reported that 385,000 Bitcoins had been moved to cold wallets—a huge and unusual amount of BTC accumulation by whales.
Under the radar: Major entities quietly increasing Bitcoin holdings
Ju explained that what’s really happening is that big financial institutions, companies, and possibly even governments, are quietly buying up large amounts of Bitcoin.
According to Ju, within a year, these big players will reveal that they bought massive amounts of Bitcoin in the third quarter of 2024. Ju believes that retail investors will regret not buying Bitcoin earlier because they were distracted by the German government selling 50,000 BTC seized from internet movie pirates and the U.S. government selling billions of dollars worth of Mt. Gox Bitcoin.
In the past two days, Bitcoin, the world’s largest cryptocurrency, has made an impressive comeback, gaining 14.3% after recent losses. BTC had dropped 23.79% between Friday and Monday, falling from $65,200 to around $49,700.
The recovery began on Monday, with Bitcoin rising 12.10% in just one day. Over the last 24 hours, BTC has increased by nearly 2%, mostly trading sideways.
The Friday crash in Bitcoin was triggered by the collapse of the Japanese stock market, which also affected U.S. stocks. This happened in response to an interest rate hike by the Bank of Japan.
