The chief executive of blockchain intelligence platform CryptoQuant says that Bitcoin (BTC) whales have snapped up nearly $3 billion worth of the crypto king in just 24 hours.
CryptoQuant CEO Ki Young Ju tells his 345,000 followers on the social media platform X that the deep-pocketed investors have gobbled up tens of thousands of BTC in just one day, signaling the approach of a new era.
“Bitcoin whales accumulated 47,000 BTC in the past 24 hours. We’re entering a new era.”
To get these results, Ju used CryptoQuant search filters to find whales of the top crypto asset by market cap that hold at least 100 BTC, had a transaction within a 24-hour time frame and do not qualify as a centralized exchange (CEX) or miner wallet.
Ju goes on to note that the recent spike of whale activity surrounding Bitcoin is not related to BTC exchange-traded funds (ETFs), which were approved by the U.S. Securities and Exchange Commission (SEC) in January.
Last month, Ju said that newer crypto whales – or investors that CryptoQuant defines as holding at least 1,000 Bitcoin with an average coin age of less than 155 days – have accumulated nearly twice as much BTC as their long-term holder counterparts.
Long-term holder whales hold at least 1,000 Bitcoin with an average coin age of 155 days or more
At the time, Ju said old BTC tokens were being transferred to new holders after Bitcoin’s average dormancy rate recently hit a 13-year peak.
Bitcoin is trading for $63,582 at time of writing, a 2.86% increase during the last 24 hours.
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