Whales Fuel Bitcoin Rally Amid Looming Institutional Drought

CryptoQuant CEO Ki Young Ju asserts that Bitcoin's recent price surge is primarily driven by large-scale whale investors, rather than institutional capital.

In a post on X, Ju analyzed data showing that whale activity has been the primary force behind Bitcoin's spot and futures market movements. He noted that these 'whale' holders have been actively accumulating and trading, pushing prices higher.

The current rally may be more fragile and less sustainable than one backed by steady institutional buying, as evidenced by continued net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) and the fact that Bitcoin ended the first half of the year on a downtrend.