Bitcoin, investors continue accumulation…"Upward momentum likely to strengthen"

An analysis found that the virtual asset (cryptocurrency) market, including Bitcoin (BTC), is maintaining an upward structure as investors' accumulation continues despite recent large-scale liquidations of leveraged positions.

On the 23rd (local time), CryptoQuant said in a report, "Even after $19 billion worth of positions were liquidated due to the sharp drop in the virtual asset market, the 'dolphin group' has been steadily accumulating Bitcoin," and added, "Their movements are a major factor determining market direction, and historically, expansion of dolphin accumulation has coincided with price uptrends."

Dolphins are investors holding 100–1,000 BTC, and investors holding larger amounts are classified as whales. According to the report, the dolphin group's annual increase in holdings is 907,000 BTC, and they still maintain strong buying pressure.

CryptoQuant forecasted that if catalysts such as continued inflows into spot exchange-traded funds (ETFs) occur, Bitcoin's upward momentum could strengthen again. Quinn Thompson, Chief Investment Officer (CIO) of Lekker Capital, said, "The market environment after this adjustment is similar to just before Trump's election in 2024," and "the current position appears to be an opportunity window for the future."

Walter Rebelu, CEO of Empiricus, analyzed, "As in the past 10 days, after open interest rises 30~40%, the probability that Bitcoin's return will be positive within three months reaches 75%," and "the average return over the next 90 days is about 25.9%."