Hi guys, I’ve been mining at 150MH/s on coinminerz for 3 days and in the dashboard of my wallet of their page, it doesn’t have nothing on balance owing, and there’s was a block discovered yesterday and this night. It also doesn’t show the real hashrate of my rig (it always show less than I…
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CryptoQuant CEO Ki Young-Ju today pointed out significant similarities in Bitcoin’s market behavior between the current state and mid-2020, a period marked by stagnant prices but high on-chain activity. Young-Ju’s insights were illustrated with two key charts and shared via a post on X, drawing parallels that suggest a robust undercurrent of large volume transactions, potentially outside the public exchange networks. The first chart, representing data up until 2020, shows Bitcoin’s price alongside the realized cap for new whales – a metric that tracks the aggregate value at which the newly acquired Bitcoin by large investors was last moved. It’s a different form of market capitalization that assesses each UTXO at the price it last changed hands, rather than its present market price. This metric reflects the actual realized value of all the coins in the network, rather than their current market value. Related Reading: Eye On $91,500: Key Bitcoin Level Could Trigger Massive Surge, Analyst Warns This value experienced a sharp increase around mid-2020, precisely when Bitcoin’s price was caught in boredom just like in recent months, consistently trading around the $10,000 mark. According to Young-Ju, this period was characterized by high on-chain activity which later analysis suggested involved over-the-counter (OTC) transactions among institutional players. In the second chart, extending to 2024, a similar pattern emerges with even more pronounced growth in the realized cap for new whales, despite Bitcoin’s price showing a sideways movement for almost 100 days now. The chart indicates a significant addition of about $1 billion daily into new whale wallets, a term typically referring to addresses holding large amounts of Bitcoin, often linked with institutional or highly capitalized individual investors. What This Means For Bitcoin Price Ki Young-Ju elaborated on these observations: “Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals. Now, despite low price volatility, on-chain activity remains high, with $1B added daily to new whale wallets, likely custody.” Related Reading: Lost And Found: Hackers Successfully Access Decade-Old Bitcoin Wallet, Retrieve $3 Million He further referenced a tweet from September 2020 that corroborated his analysis, noting that the “number of BTC transferred hits the year-high, and those TXs are not from exchanges. Fund Flow Ratio of all exchanges hits the year-low. Something’s happening. Possibly OTC deals.” This comparison and the sustained high level of the realized cap for new whales suggest an ongoing accumulation phase among large-scale investors, reminiscent of the activity observed in mid-2020. Such movements are generally not visible on traditional crypto exchanges and indicate a strong institutional interest that could be a precursor to significant market moves. Following Young-Ju’s tweet, BTC price rallied by 480% from September 2020 till November 2021. If a similar move is brewing for Bitcoin price remains to be seen, but the continuous growth in Bitcoin holdings among new whales, along with sustained price levels, points to a potential buildup of pressure beneath the apparent calm of the market surface. As observed in the past, such conditions may lead to substantial price movements once the accumulated Bitcoin begins to impact the broader market through either increased liquidity or renewed trading interest. At press time, BTC traded at $68,271. Featured image created with DALL·E, chart from TradingView.com
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BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term. BNB price extended losses and tested the $585 support zone. The price is now trading below $600 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could start a fresh increase if it stays above the $585 support. BNB Price Holds Support After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin. The price dipped below the $595 support and the 100 simple moving average (4 hours). It traded as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low. The price is now trading below $600 and the 100-hourly simple moving average. Immediate resistance is near the $600 level. The next resistance sits near the $602 level. A clear move above the $602 zone could send the price higher. In the stated case, BNB price could test $615. A close above the $615 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. More Losses? If BNB fails to clear the $600 resistance, it could continue to move down. Initial support on the downside is near the $592 level and the trend line. The next major support is near the $585 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $585 and $572. Major Resistance Levels – $600 and $602.
