GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Bitcoin Whale Indicator Flashes Signal Last Seen Before 480% Surge In Mid-2020

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.

Bitcoin realized cap by whales

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.

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.”

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.

Bitcoin price

Latest Press

post-thumbnail
News
5 hours ago
RXS vs COLD: Top Analyst Dive Into Potential Opportunities For 1000X Gains In 2025
The post RXS vs COLD: Top Analyst Dive Into Potential Opportunities For 1000X Gains In 2025 appeared...
READ MORE
post-thumbnail
News
5 hours ago
When to Cash Out: Identifying the Next Cycle Peaks for XRP, Solana, and Dogen
The post When to Cash Out: Identifying the Next Cycle Peaks for XRP, Solana, and Dogen appeared firs...
READ MORE
post-thumbnail
News
5 hours ago
Polkadot Whales Are Betting Big on This $0.0007 Altcoin—An 8,800% ROI Could Be Coming
The post Polkadot Whales Are Betting Big on This $0.0007 Altcoin—An 8,800% ROI Could Be Coming app...
READ MORE
post-thumbnail
News
5 hours ago
Solana Stablecoins 2x Market Cap in January: Rollback to Make 300% Gains In Feb
The post Solana Stablecoins 2x Market Cap in January: Rollback to Make 300% Gains In Feb appeared fi...
READ MORE
post-thumbnail
News
5 hours ago
XRP and Solana See Traction Amid Growing ETF Rumors, but FXGuys ($FXG) Might Be the Real Winner in 2025
The post XRP and Solana See Traction Amid Growing ETF Rumors, but FXGuys ($FXG) Might Be the Real Wi...
READ MORE
post-thumbnail
News
5 hours ago
Secret Buys Occur In 1Fuel Unknown Transaction Platform From Avalanche Whale As $2m Hits Making Investors Copy
The post Secret Buys Occur In 1Fuel Unknown Transaction Platform From Avalanche Whale As $2m Hits Ma...
READ MORE
post-thumbnail
News
5 hours ago
WOW: Panshibi Meme Takes Off With Big Cardano Investment – Is This The 1,000x Meme People Dream About?
The post WOW: Panshibi Meme Takes Off With Big Cardano Investment – Is This The 1,000x Meme People...
READ MORE
post-thumbnail
News
5 hours ago
PEPE & SHIB Left In The Dust As Remittix Speeds Past $11.3 Million Milestone 
The post PEPE & SHIB Left In The Dust As Remittix Speeds Past $11.3 Million Milestone  appeared...
READ MORE
default post thumbnail
News
5 hours ago
Ethereum Spot ETFs Outshine Bitcoin Counterparts With Double Market Inflows – Details
The Ethereum Spot ETFs began February 2025 on a strong positive note, recording net inflows double t...
READ MORE
default post thumbnail
News
5 hours ago
$350K Bitcoin? Crypto Investment Firm CEO Predicts Massive Surge
The Bitcoin space is buzzing again, but this time with eyebrow-raising predictions that seem almost ...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started