Bitcoin Old Guard Paves Way for New Whales As Prices Surge Over $70K

• Old Bitcoin whales’ are selling to new institutional players, reshaping market dynamics.
• Bitcoin may surge 10% to $77K if it holds above the $70K threshold.
• BTC’s 24-hour trading volume has spiked by 25%, reaching $42.392 billion.

The market activity of Bitcoin has drawn attention as the changes in ownership patterns have become evident. On-chain data reveals that old established Bitcoin holders, known as ‘old whales,’ are transferring their Bitcoins to new institutional investors, implying a shift in market dynamics.

Notably, this movement of Bitcoin is happening between these large-scale holders, known as ‘whales,’ and not spreading widely among retail investors. On the same accord, a chart from analyst Axel Adler Jr., shared by Ki Young Ju, CEO of CryptoQuant, captures the shifting dynamics between investor classes. 

Old whales are selling #Bitcoin to new whales(TradFi), not retail investors. This can be clearly observed on-chain.

Chart by @AxelAdlerJr pic.twitter.com/L8tWWvcmfb

— Ki Young Ju (@ki_young_ju) March 28, 2024

The chart specifically compares the supply and demand trends of new versus established Bitcoin investors over an extended period…

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