⭕ CryptoQuant, a blockchain data analysis company, has tracked recent whale activity in the Bitcoin market, noting significant purchases of the cryptocurrency.
⭕ Ki Young Ju, a cryptocurrency analyst and CEO and founder of CryptoQuant, pointed out that many institutions use anonymous wallets to disguise their identities when buying Bitcoin. However, he acknowledged the existence of transactions that CryptoQuant could not identify, indicating that there are undisclosed buyers who purchased between 240,000 and 420,000 Bitcoins, which he referred to as anonymous whales.
⭕ Joe stated that the market is currently experiencing a clear upward trend, as blockchain data shows active Bitcoin purchases by whales, with an estimated $7 billion entering the market weekly. Joe expects that even in the event of a market correction, it is unlikely that Bitcoin's price will drop more than 30%, and this decline is likely to be short-term.
⭕ At the time of writing this report, Bitcoin is trading at $95,772, after a 3.6% decline over the past 24 hours. This drop follows a brief rise in Bitcoin's price on December 25, when it reached $99,000.
Source: U Today
