In the current climate, **CryptoQuant’s CEO** suggests that it’s a prime moment for savvy investors, often referred to as ‘whales’, to increase their Bitcoin holdings. **Ki Young Ju** shared with his substantial following of over 350,000 on a popular social platform that despite Bitcoin’s recent lackluster performance, the cryptocurrency market remains in a bullish phase.

“Presently, the Bitcoin arena is somewhat dull, marked by reduced volatility. There’s a noticeable decline in enthusiasm among both purchasers and vendors. The market isn’t quite prepared for retail investors to exit. However, this is the opportune moment for whales to bolster their Bitcoin portfolios. The bull market persists. A dull market presents hidden opportunities.”

**Source**: Ki Young Ju/X

The CEO has observed a trend of accumulation among these large-scale investors. **Young Ju** highlighted that Bitcoin miners are diversifying their strategies in response to the dip in Bitcoin’s value, opting to mine alternative Proof of Work (PoW) cryptocurrencies.

“The Bitcoin hashprice has plummeted to unprecedented lows. Numerous mining entities are decelerating their investments in mining apparatus, with some pivoting to mine different PoW tokens as a safeguard against the prevailing market volatility…
This shift doesn’t signify a cycle’s conclusion. Nor does it reflect a long-term pessimistic outlook; rather, it’s a strategic move, biding time until the buy-side liquidity rejuvenates, in my view.”

The term ‘hashprice’ denotes the daily revenue a miner can anticipate per terahash of computing power.

At the moment of reporting, Bitcoin’s value stands at $60,402, witnessing a slight decline of nearly 3% in the last day.

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**Disclaimer**: The views at The Daily Hodl should not be taken as investment counsel. Prior to engaging in high-stakes investments in Bitcoin, other cryptocurrencies, or digital assets, investors are urged to conduct thorough research. It’s important to note that your transactions and trades are conducted at your own peril, and you are solely responsible for any potential losses. The Daily Hodl does not advocate the purchase or sale of any cryptocurrencies or digital assets and is not a financial advisor. Be aware that The Daily Hodl is involved in affiliate marketing.

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