Bitcoin Whales Open Massive Long Positions at $69,000: CEO
A recent surge in massive long positions on Bitcoin took place at around $69,000, according to Ki Young Ju, CEO of a cryptocurrency analytics firm. This activity mirrors similar patterns seen back in August 2023, ahead of a significant price increase of Bitcoin. Ki Young Ju emphasizes that the current price of Bitcoin is not overvalued based on network fundamentals, using the Thermo Cap ratio to support this claim.
Bitcoin Whales and Their Long Positions
- Bitcoin whales opened significant long positions at around $69,000 recently.
- This activity is reminiscent of past patterns seen in August 2023.
Thermo Cap and Network Fundamentals
- The Thermo Cap ratio is used to determine the strength of network fundamentals.
- This ratio finds the division of market capitalization by Thermo Cap.
Impact of Global Liquidity on Bitcoin Price
The surge in global liquidity, nearing the $100 trillion mark, could benefit the price of Bitcoin. Philip Swift, the founder of an on-chain data service LookIntoBitcoin, shared a chart showing the close correlation between global money supply (M2) and Bitcoin price movements. The current M2 of $94 trillion significantly surpasses previous figures and is poised to fuel a bullish outlook for Bitcoin.
Global Liquidity and Bitcoin Price Correlation
- The surge in global liquidity is historically correlated with Bitcoin price movements.
- Current M2 nearing $100 trillion is expected to support Bitcoin’s price.
U.S. Money Supply and Bitcoin
- The U.S. M1 money supply is breaking out of a long consolidation period, indicating growth potential.
- This breakout suggests a positive trajectory for Bitcoin in the coming period.
Hot Take
Bitcoin investors, or whales, are strategically opening massive long positions at $69,000. This reflects their confidence in Bitcoin’s future price trajectory and network fundamentals. The surge in global liquidity, especially the M2 nearing $100 trillion, provides a favorable backdrop for Bitcoin’s price. As the U.S. M1 money supply shows signs of growth, Bitcoin is set to benefit from these macroeconomic trends. Keep an eye on these developments as they could shape Bitcoin’s future price movements positively.
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