CryptoQuant, a company that provides analytics regarding on-chain cryptocurrency, has disclosed noteworthy news through social media stating that previously this month, an amount valuing up to $131 billion was moved during one day while just 1% of the total was deposited and withdrawn to the exchanges of cryptocurrency. The ratio of fund flow (which counts for gauging the BTC transactions ratio) reached a position on which it was standing two years back. The company added that the metric decreasing pointed toward a momentous upsurge in OTC (over the counter) deals.
The moving of such a big aggregate of BTC and dipping ratio of fund flow makes it prominent that some entities (individual or institution) are making enormous purchases of BTC, as stated by Young Ju (the CEO of the firm). His words simply bring up that in the case of a big entity’s announcement of purchasing Bitcoin (BTC), it may cause certain troubles to bears.
He further mentioned that the identical circumstances happened in the 2020’s September, before the escalation of BTC price from nearly $11,000 to the latest all-time high around $64,000 at the start of this year. The CEO shared his then posted tweet presenting the on-chain transfer of a huge quantity of BTC besides a significant drop in the ratio of fund flow. He linked both the states of the currency as well as substantiated by saying that such similarities are aiming at a large-scale stored-up BTC volume.
In February this year, a prediction was made by Ki-Young Ju regarding Bitcoin price to touch $50,000 as he focused that a flood of stable coin investments by the whales indicates a bullish behavior. In January, he disclosed that the Bitcoin price would certainly reach $100,000 within this year, notwithstanding a massive market occupation of bears after a short-term. His prediction was accurate to a great extent.
The data existing in the records of Coinbase (a crypto exchange that is based in San Fransisco) was tracked by Ki-Young Ju. According to him, he checked out the records simultaneous to their outflow. He revealed that it was shown by the statistics that some institutional investors were seemingly making the purchases of Bitcoin (BTC). At the beginning of this month, more than $1.7 billion worth of BTC has traded out of the exchange, which specifies that the many institutions have been making large BTC purchases that counted up to $30,000.