Bitcoin Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?
Bitcoin's on-chain data by CryptoQuant's founder, Ki Young Ju, reveals that new whales and spot ETF investors are now in the red. Ju predicts "max pain" at around $51,000, suggesting potential further losses. Despite the recent sell-off, Ju believes the current price discount presents an opportunity for savvy investors to outperform traditional finance whales. Inflow to spot Bitcoin ETFs has declined, indicating deteriorating sentiment. Although bulls are optimistic, the path of least resistance for Bitcoin remains southwards for now. New whales being underwater is unexpected, considering the recent influx of fresh capital and growing institutional interest. Inflows into spot Bitcoin ETFs are highly influenced by sentiment, and a potential post-Halving rally could reverse the current weakness.
