Interesting statements about Bitcoin whales came from CryptoQuant CEO Ki Young Ju. According to the famous CEO, while BTC is consolidating between $ 50,000 and $ 60,000, surprising moves have come from Bitcoin whales.
Bitcoin Whales and OTC Markets
In a new Twitter post, the famous CEO says he has probably witnessed large Bitcoin transfers happening on the over-the-counter markets (OTC).
Ki Young Ju’s statements are as follows:
“The whales continue to accumulate BTC. Massive Bitcoins were transferred. However, these transactions did not take place from stock exchanges. Probably there are transactions made from OTC markets. NVT Golden Cross still corresponds to a very low signal. This means that the transaction volume is large compared to the market value.
According to CryptoQuant, NVT (Network-to-Value Transactions) Golden Cross is a signal indicating the formation of a local upper or lower level. A value below -1.6 indicates that Bitcoin could be ready for a strong move. At the end of April, the NVT Golden Cross metric was worth -2.95.
“The NVT Golden Cross indicator reached a one-year low. BTC has upside potential in terms of NVT valuation model. ”
In addition to what he said above, Ki emphasizes that whales are transferring BTC to derivative exchanges. According to Ki, this development shows that they can bet on the rise of Bitcoin in the short term.
“A significant amount of BTC has moved from other exchanges to derivative exchanges. This development means whales can use their BTC as collateral to open a long-focused position. Almost all of these movements took place at low levels. “