BTC Echoes Mid-2020 Crypto Quant CEO Explains, Volatility Down, On-Chain Activity Up
CryptoNewsTerminal Staff31 May, 2024
BTC Echoes Mid-2020 Crypto Quant CEO Explains, Volatility Down, On-Chain Activity Up
CryptoQuant CEO Ki-Young Ju recently drew parallels between the current state of Bitcoin (BTC) and its behavior in mid-2020. He highlighted reduced price volatility and robust on-chain activity as key similarities. "The current BTC situation resembles mid-2020," Ju stated via Twitter on January 30th. "At that time, BTC stayed around $10,000 for six months with active on-chain activity, followed by OTC trading. Now, despite low price volatility, on-chain activity is robust. $1 billion is being deposited into new whale wallets (custody, etc.) daily." This observation suggests that despite the lack of significant price movements, BTC remains an attractive asset for institutional investors and large-scale traders. The steady flow of funds into new whale wallets indicates a potential build-up for future market action. Ju's analysis provides valuable insights into the current market dynamics and highlights the importance of monitoring on-chain metrics for a comprehensive understanding of the crypto market.
