Bitcoin whales have recently taken significant long positions on the cryptocurrency exchanges Bybit and HTX, as reported by CryptoQuant CEO Ki Young Ju. These large investors entered these positions at a price of $69,000, indicating their bullish sentiment towards the digital asset.

This isn’t the first time Bitcoin whales have made such moves. Back in August 2023, they also opened massive long positions just before a remarkable rally that saw BTC surge from $25,000 to over $73,000 in a short period.

Young Ju emphasizes that, based on network fundamentals, Bitcoin is not currently overvalued. He points to the “thermo cap ratio,” which is a measure of the total investment cost in the Bitcoin network calculated by the weighted sum of mined coins at creation price. According to Young Ju, this ratio is derived by dividing Bitcoin’s market capitalization by the thermo cap.

In recent observations, Young Ju draws parallels between Bitcoin’s current price action and that of four years ago when BTC consolidated for an extended period while on-chain activity increased significantly. He highlights that a substantial amount of BTC, totaling $1 billion, has been moved to whale wallets, likely for secure cold storage.

Reflecting on the situation, Young Ju notes, “Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10,000 for six months with high on-chain activity, later revealed as OTC deals. Now, despite low price volatility, on-chain activity remains high, with $1 billion added daily to new whale wallets, likely for custody.”

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