A popular quant analyst says he’s keeping a close watch on the activities of ancient Bitcoin (BTC) whales as he notes the investor cohort could cause sellers to run out of supply.

CryptoQuant chief executive Ki Young Ju tells his 301,700 Twitter followers that old Bitcoin whales, or entities that have held their large BTC stacks for over seven years, are still in hibernation despite the king crypto’s sharp downturn over the last few months.

“Ancient Bitcoin whales are still quiet in this range. They’re over seven years old and the realized price is $358, still 54x. Most newbies are now underwater including institutions and miners. The market would be running out of sell-side supply until the ancients provide some BTC.”

Image
Source: Ki Young Ju/Twitter

According to Ju, primordial BTC whales last made moves on March 28th when Bitcoin rallied to around $47,000. Since then, the top crypto asset by market cap has been in a strong downtrend, losing nearly 60% of its value in just a little over three months.

“But, old whales in general, are still in hibernation for the last two months. For example, over seven-year-old Bitcoins moving took 25% of the total moved coins on March 28th, and the BTC price was $47,000 on that day. They’re quiet since then.”

Image
Source: Ki Young Ju/Twitter

Ju also says he has his eye on Bitcoin’s Coinbase premium index, which he highlights has recently flipped positive for the first time since April. According to the quant analyst, a positive Coinbase premium chart suggests that institutional investors are scooping up BTC at its current levels.

“This uptick does not indicate a bull run but obviously, it tells us there are institutional buyers in this price range.”

Image
Source: Ki Young Ju/Twitter

In June, the quant analyst noted that most US-based institutional investors, brokerage firms and market makers (MMs) rely on Coinbase to buy and sell BTC.

He also said that a positive Bitcoin Coinbase premium index would indicate an improving sentiment among deep-pocketed investors.

“Coinbase price premium might be helpful to see recovery from contagion fear. For the past 45 days, MMs at Coinbase have been running trading bots to sell BTC. Their clients are mostly in the US and struggling with liquidity providers’ requests to give back their money.”

At time of writing, Bitcoin is changing hands for $19,204.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Check Latest News Headlines

 

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/LambArtist/Natalia Siiatovskaia

American Crypto Association Exclusives!

Bookmark the site and sign up for relevant alerts, trading tips, masternode updates and important news hosted within our exclusive newsletter. Valued at $3,588, we are offering this service free for one year!

Get onboard now!

Exclusive Newsletter!

Sign up for exclusive trading tips, masternode updates and important news hosted within our newsletter!
!
!
Terms and Conditions checkbox is required.
Something went wrong. Please check your entries and try again.
Translate »
Scroll to Top