Bitcoin (BTC) Whales Open Massive Long Positions on Bybit and HTX: CryptoQuant CEO

Bitcoin (BTC) Whales Open Massive Long Positions on Bybit and HTX: CryptoQuant CEO


Bitcoin (BTC) whales opened massive long positions on the digital asset exchanges Bybit and HTX, according to CryptoQuant chief executive Ki Young Ju.

Young Ju notes that the whales opened the long positions at $69,000.

Source: Ki Young Ju/X

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Young Ju reminds his followers that Bitcoin whales also opened massive long positions in August 2023, just before a parabolic rally that sent BTC from $25,000 to above $73,000 in just a few months.

The analytics firm CEO also says that Bitcoin isn’t currently overvalued from a network fundamentals perspective. Young Ju cites BTC’s “thermo cap ratio” as evidence.

Thermo cap represents the weighted sum of mined coins by the creation price, indicating the total investment cost in the Bitcoin network. Young Ju says the thermo

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