Bitcoin “old whales” are moving their holdings to “new whales,” mainly TradFi big-wigs such as Fidelity and BlackRock via ETFs. A definitive sell-off is not confirmed, with retail playing safe by watching old whales selling or mitigating risk. BTC price is less than 5% away from its ATH, rising slowly despite a standing CME gap. Bitcoin price has investors at the edge of their seats as it see-saws between the $68,000 and $71,000 range.
According to CryptoQuant founder Ki Young Ju, Bitcoin “old whales” could be moving their holdings to “new whales,” mainly traditional finance big-wigs such as Fidelity and BlackRock. These two issuers pass as choice candidates given the wave of inflows reported. Old whales are selling #Bitcoin to new whales, not retail investors. This can be clearly observed on-chain. Chart by @AxelAdlerJr pic.twitter.
Source: Digital Coin News (digitalcoinnews.net)
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