According to the co-founder and CEO of the analytical platform CryptoQuant, Ki Young Ju, over the past six months, more than 1.8 million BTC has been accumulated by short-term Bitcoin holders, including in the form of shares of spot ETFs worth around $118 billion.
The increase in the share of large speculative holders is facilitated by the expanded market supply of BTC-ETF shares, and the current digital asset market is, in Ki Young Ju’s words, ‘halfway to Bitcoin euphoria.’
The head of CryptoQuant believes that the flagship crypto asset is undergoing a price discovery stage. Bitcoin whales prefer accumulation over selling, as evidenced by the behavior of users on Binance and OKX exchanges.
CryptoQuant analysts believe that in the next six months, we will witness a strengthening of the first cryptocurrency’s position amid an increasing imbalance between BTC demand and supply, which could potentially lead to price growth. On Monday, April 15, the Hong Kong Securities and Futures Commission (SFC) officially approved the launch of Bitcoin and Ether spot exchange-traded funds (ETFs) for crypto companies registered in this special economic zone of China.