CryptoQuant CEO Ki Young Ju Anticipates Big Bitcoin Buys from Traditional Financial Giants

Ki Young Ju, CEO of CryptoQuant, has recently highlighted a substantial shift in Bitcoin (BTC) ownership patterns. Over the past month, 404,448 BTC have moved into permanent holder addresses, a strong indication that long-term holders are accumulating the cryptocurrency. Young Ju shared this insight with his 360,800 followers on X, formerly known as Twitter, suggesting that “something is happening behind the scenes.”

Young Ju believes this trend hints at a major announcement in the near future. “Within a year, some entities — whether they’re TradFi (traditional finance) institutions, companies, governments, or others — will announce that they’ve acquired Bitcoin in Q3 2024,” he stated. He also noted that retail investors might regret not buying in earlier, distracted by concerns such as the German government’s actions or macroeconomic uncertainties.

Bullish On-Chain Indicators

The CryptoQuant CEO also pointed out several on-chain indicators that currently look bullish for Bitcoin, including major Bitcoin rally. He mentioned that miner capitulation is nearly over, with the hashrate approaching an all-time high. In the U.S., mining costs are approximately $43,000 per BTC, which suggests that the hashrate will remain stable unless prices fall below this level.

Young Ju also observed significant Bitcoin inflows into custody wallets, particularly noting the accumulation by new whales. In the past 30 days, permanent holder addresses have added 404,000 BTC, including 40,000 BTC in U.S. spot ETFs. This indicates that large investors are building their positions, even as retail investors remain mostly absent, a situation similar to mid-2020.

Additionally, he mentioned that older whales, who have held BTC for more than three years, have recently sold their holdings to these new whales. However, there is no significant selling pressure from these older whales at present, which could support price stability.

Despite these bullish signals, Young Ju cautioned that macroeconomic risks could still lead to Bitcoin sell-offs. He noted that Jump Trading recently made large crypto deposits, and Binance has hit a year-to-date high in daily deposits. He also warned that some on-chain indicators have turned bearish and could hinder market recovery if they remain negative for more than two weeks.