'Secret Bitcoin Plan' Spotted by CryptoQuant CEO as Half Million BTC Settles in Anon Wallets

08/07/2024 15:14
'Secret Bitcoin Plan' Spotted by CryptoQuant CEO as Half Million BTC Settles in Anon Wallets

CryptoQuant's boss believes 'something happening behind scenes' to Bitcoin

'Secret Bitcoin Plan' Spotted by CryptoQuant CEO as Half Million BTC Settles in Anon Wallets

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Ki Young Ju, the founder and chief executive of the on-chain data aggregator CryptoQuant, has made an epic statement on Bitcoin whales and their recent massive BTC purchase.

"Secret Bitcoin plan" of whales spotted

Ki Young Ju tweeted that he is “pretty sure something is happening behind the scenes.” What pushed him to this conclusion is, according to the tweet, that a staggering Bitcoin amount has been transferred to permanent holder wallets during the last 30 days — close to half a million coins (404,448 BTC). That is the equivalent of $22,942,919,472.

“We’ll know within a year,” Ju concluded meaningfully. As he posted this, he cited his earlier tweet published on July 24. Back on that day three weeks ago, he spread the word about a whopping 385,000 Bitcoins transferred to cold wallets. He made it clear that that was “an unprecedented level” of whales accumulating BTC.

Here's what's really happening, Ju reveals

What is really happening, according to the CryptoQuant boss, is that some very large and serious financial institutions and, perhaps, even governments, are accumulating a lot of world’s flagship cryptocurrency at the moment: “TradFi institutions, companies, governments, or others.”

So here's what's going to happen:

Within a year, some entities—whether they're TradFi institutions, companies, governments, or others—will announce that they've acquired #Bitcoin in Q3 2024.

And retail investors will regret not buying it because they were worried about the…

— Ki Young Ju (@ki_young_ju) August 6, 2024

Within a year, according to Ju’s theory, these entities will announce that they acquired tonnes of Bitcoin in the third quarter of 2024. This is when retail investors, Ju adds, will regret not buying Bitcoin since they were distracted by the German government selling BTC it confiscated from internet movie pirates (50,000 BTC) and the U.S. government selling Mt. Gox Bitcoin worth billions of U.S. dollars.

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