Bitcoin (BTC) Whales Are Accumulating, It\'s an \'Ideal Time\' to Buy the Dip, CryptoQuant CEO Says
- PHPzOriginal
- 2024-07-11 18:44:03515browse
It's currently an "ideal time" for whales to accumulate Bitcoin (BTC), according to the chief executive of the digital asset analytics firm CryptoQuant.
A top executive at digital asset analytics firm CryptoQuant says that whales are currently accumulating Bitcoin (BTC) in a big way.
According to Ki Young Ju, the recent “boring” price behavior of Bitcoin is actually a sign of strength, especially given that the flagship digital asset is still up over 60% year-to-date.
“Bitcoin market is boring with less volatility.
We’re still in a bull cycle.
Boring is an opportunity.”
The CryptoQuant CEO adds that the cost of mining 1 TH/s of hashrate has dropped to an all-time low, prompting many miners to hedge against the downturn.
“Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty…
This doesn’t mean the end of the cycle. And they’re not long-term bearish; they’re just hedging and waiting for buy-side liquidity to recover, in my opinion.”
Bitcoin is trading at $60,402 at time of writing and is down nearly 3% in the past 24 hours.
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