CryptoQuant CEO Ki Young-Ju today pointed out significant similarities in Bitcoin’s market behavior between the current state and mid-2020, a period marked by stagnant prices but high on-chain activity. Young-Ju’s insights were illustrated with two key charts and shared via a post on X, drawing parallels that suggest a robust undercurrent of large volume transactions, potentially outside the public exchange networks. The first chart, representing data up until 2020, shows Bitcoin’s price alongside the realized cap for new whales – a metric that tracks the aggregate value at which the newly acquired Bitcoin by large investors was last moved. It’s a different form of market capitalization that assesses each UTXO at the price it last changed hands, rather than its present market price. This metric reflects the actual realized value of all the coins in the network, rather than their current market value. Related Reading: Eye On $91,500: Key Bitcoin Level Could Trigger Massive Surge, Analyst Warns This value experienced a sharp increase around mid-2020, precisely when Bitcoin’s price was caught in boredom just like in ..
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