Bitcoin (BTC) and stablecoin holders are waking up and moving their funds towards exchanges in the cryptocurrency market. According to Ki Young Ju, the CEO of CryptoQuant, share information about how deposits from large whales are starting to grow and reach record levels in several months.
Bitcoin and Stablecoin Holders Move Their Funds
During the last few weeks, we have seen how Bitcoin and other cryptocurrencies started to move upwards after several months in which they didn’t seem to have enough strength to continue a bull run.
This seems to have awakened crypto whales and holders that were on the sidelines. According to Ki Young Ju, Bitcoin holders and stablecoin owners are sending their funds to exchanges. This could certainly increase buying and selling pressure on Bitcoin and other digital assets.
On the matter, Ki Young Ju stated:
“#BTC whales are sending Bitcoins to exchanges. #Stablecoin whales are sending stablecoins to exchanges as well. This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures.”
#BTC whales are sending Bitcoins to exchanges. #Stablecoin whales are sending stablecoins to exchanges as well.
This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures. https://t.co/15iFYpf48t pic.twitter.com/ijCB7B44v0
— Ki Young Ju (@ki_young_ju) July 30, 2020
He went on saying that he thinks that Stablecoin inflows will eventually win, this is something that could lead to higher BTC prices in the coming days and weeks.
However, this can change at any moment and as soon as stablecoins stop entering exchanges, the price of the largest virtual currency, as well as the prices of stablecoins, could eventually fall and experience a correction after the recent bull run they experienced.
Bitcoin users and crypto investors ware waiting for a new bull run that would allow them to register large gains over time. Many analysts consider that the crypto market will reach new all-time highs in the coming months or years, which is attracting new investors and users.
Since 2017, Bitcoin experienced two bull markets, in the first half of 2019 and the first 6 weeks of 2020. In June 2019, Bitcoin reached $13,800 per coin while at the beginning of this year, the digital currency touched $10,500. At the moment, Bitcoin is being traded around $11,040 and it has a market valuation of $203.74 billion.
Other popular and large digital assets such as Litecoin (LTC) and Ethereum (ETH) are also moving higher and recovering part of the valuation they lost in recent years after the bull market from 2017 and early 2018. They are currently priced at $56.34 and $332, respectively.