Bitcoin Rally Attributed to Whales, Not Institutions

CryptoQuant CEO Ki Young Ju has attributed the recent rally in Bitcoin to whale investors. Over the past 24 hours, BTC has seen a significant price increase of 6.58%, with its current trading value at $63,358 according to CoinMarketCap.

In his analysis on X, Young Ju pointed out that despite this surge, the environment is not yet suitable for large-scale institutional inflows. He cited continued net outflows from U.S. spot BTC ETFs and the fact that BTC ended the first half of the year on a downtrend as evidence.

This assessment comes after some market participants might have been expecting institutional investors to be driving this recent rally. However, Young Ju's analysis suggests otherwise, attributing the price action to a different player in the market - the whales.