Bitcoin Whales Are 'Fiercely' Accumulating BTC, a Trend the Market 'Has Never Seen,' CryptoQuant CEO Says

New whale wallets, which are primarily custodial wallets and those associated with the spot Bitcoin exchange-traded funds (ETFs) that started trading in the United States earlier this year, have “not generated sufficient profit” to start realizing their gains.

A recent analysis of on-chain data by CryptoQuant suggests that new whales are aggressively accumulating Bitcoin (BTC) in a trend that the market has not seen before.

This accumulation is occurring despite the fact that these whales have not yet generated substantial profits, according to the analysis.

CryptoQuant CEO Ki Young Ju highlights the disparity between the volatility in the futures market and the price action in the spot market, suggesting that the recent price movements are largely driven by futures traders.

The analysis suggests that old whales have not seen particularly high returns, while the whales that recently entered the market have barely made any profits.

According to the analysis, these whales could dump their holdings once retail investors start adding liquidity to exchanges when interest rates rise.

The analysis also suggests that the recent whale accumulation data shows little correlation with ETFs, indicating that the whales entering the market are not solely those buying through spot Bitcoin ETFs.

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