The CEO of blockchain intelligence platform CryptoQuant has revealed that Bitcoin whales have purchased nearly $3 billion worth of the cryptocurrency in just 24 hours. According to CryptoQuant CEO Ki Young Ju, these deep-pocketed investors have acquired tens of thousands of BTC in a single day, signaling the dawn of a new era.
Using CryptoQuant search filters, Ju identified whales of the top crypto asset by market cap who hold at least 100 BTC, had a recent transaction, and are not classified as centralized exchange (CEX) or miner wallets. He noted that the surge in whale activity surrounding Bitcoin is unrelated to the approval of BTC exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this year.
Ju previously stated that newer crypto whales, defined as holding at least 1,000 Bitcoin with an average coin age of less than 155 days, have accumulated nearly double the amount of BTC compared to long-term holder whales. The latter group holds at least 1,000 Bitcoin with an average coin age of 155 days or more.
Recent data suggests that old BTC tokens are being transferred to new holders following a 13-year peak in Bitcoin’s average dormancy rate. As of now, Bitcoin is trading at $63,582, marking a 2.86% increase in the last 24 hours.