CryptoQuant CEO: Bitcoin Whale Accumulation Reflects 2020 Trends

CryptoQuant founder and CEO Ki Young Ju has pointed out a noteworthy similarity between the current Bitcoin market activity and the activity observed in mid-2020.
In a recent post on May 31, Ki’s research revealed a relatively high level of on-chain activity and a significant increase in Bitcoin (BTC) accumulation. This mirrors the accumulation phase seen in 2020, which eventually led to BTC surging to $64,000 by April 2021.
Cointelegraph reached out to Ki for comment but did not receive a response before the article’s publication deadline.
Despite the low levels of price volatility, Ki’s “BTC: Realized Cap for New Whales” comparative chart shows a substantial influx of BTC. While this pattern suggests potential accumulation by large Bitcoin holders and increased market interest, reactions from the community have been mixed.
One user wondered if Bitcoin is “still a few months away from a breakout?” while others expressed skepticism, noting that despite the accumulation and inflows from exchange-traded funds (ETFs), the price is not increasing.
In 2020, BTC’s price remained stable around $10,000 for several months. During this time, there was an increase in on-chain activity, which was later attributed to over-the-counter (OTC) deals, as Ki mentioned.
This accumulation phase and high activity eventually led to BTC’s price reaching approximately $29,000 by the end of 2020.
When comparing Ki’s 2024 chart to the 2020 chart, it is evident that the ongoing market dynamics closely resemble the previous lead-up to a bull run. This presents a historical parallel and raises expectations for the future of the market.
According to crypto analysts, the BTC price is currently facing its “last resistance” at $69,000 before potentially reaching new all-time highs (ATHs) – a level achieved during the 2021 bull run.
Despite speculation within the community, sparked by the daily accumulation of $1 billion worth of BTC, pseudonymous crypto analyst CryptoCon recently described the current low volatility around previous ATHs as “healthy price action.”
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