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Bitcoin Old Guard Paves Way for New Whales As Prices Surge Over $70K

Published 03/28/2024, 06:47 PM
Updated 03/28/2024, 07:15 PM
© Reuters Bitcoin Old Guard Paves Way for New Whales As Prices Surge Over $70K
BTC/USD
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  • Old Bitcoin whales’ are selling to new institutional players, reshaping market dynamics.

  • Bitcoin may surge 10% to $77K if it holds above the $70K threshold.

  • BTC’s 24-hour trading volume has spiked by 25%, reaching $42.392 billion.

The market activity of Bitcoin has drawn attention as the changes in ownership patterns have become evident. On-chain data reveals that old established Bitcoin holders, known as ‘old whales,’ are transferring their Bitcoins to new institutional investors, implying a shift in market dynamics.

Notably, this movement of Bitcoin is happening between these large-scale holders, known as ‘whales,’ and not spreading widely among retail investors. On the same accord, a chart from analyst Axel Adler Jr., shared by Ki Young Ju, CEO of CryptoQuant, captures the shifting dynamics between investor classes.

The chart specifically compares the supply and demand trends of new versus established Bitcoin investors over an extended period…

The post Bitcoin Old Guard Paves Way for New Whales As Prices Surge Over $70K appeared first on Coin Edition.

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