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Crypto investors have been experiencing interesting developments for months, with many factors expected to trigger a rise. We have seen many things that could trigger a drop in BTC, but price catalysts have neutralized the situation. On-chain expert Ki Young Ju, closely followed by crypto investors, says the current situation is unprecedented.
Will Cryptocurrencies Rise?
Everyone is scared due to MtGox returns and US sales. However, German sales are now behind us, and soon cash will be pumped into the markets with FTX returns. The ETH ETF started excellently, and whales continue to accumulate heavily.
Yes, whales are accumulating heavily, and this is stated by CryptoQuant’s CEO, the famous on-chain expert Ki Young Ju. In a social media post made while the article was being prepared, he wrote:
“In the past month, 358,000 BTC were moved to investor addresses. In July, global spot ETF inflows were 53,000 BTC.
Although not all of the remaining BTC is in custody wallets, whales are clearly accumulating. And this is an unprecedented level.
Bitcoin is in an accumulation phase.”
Cryptocurrency Predictions
Crypto investors are approaching the November elections with Trump’s support. The first 6-month data for BTC ETFs has formed, and soon major investment management companies like Vanguard are expected to embrace ETFs. Despite the first 6 months passing for the BTC ETF, its full potential has not yet been realized. By mid-next month, SEC documents will start arriving, revealing which companies are accumulating BTC ETFs or enabling this for their investors.
Interest rate cuts are expected to begin in September. Meanwhile, MtGox returns, a 10-year nightmare, are finally ending, allowing crypto investors to breathe a sigh of relief. Lastly, according to historical indicators, BTC has been lingering in the previous ATH region for longer than usual, and we should now see an upward breakout.
All these events in the last two paragraphs explain why whales are accumulating and why strong demand continues in the ETF channel. However, crypto is always full of surprises, and no one would be surprised if everything suddenly turns upside down.
