Ki Young Ju, CEO of blockchain analysis and on-chain tracking firm CryptoQuant, stated that the cryptocurrency environment we are in is similar to 2020.

“$1 billion a day”

Sharing his thoughts on the subject on X, Ju stated that the current situation has serious similarities with the situation 4 years ago:

“It’s the same environment as the feeling in mid-2020… At that time, Bitcoin hovered around 10 thousand dollars for 6 months. But there was also a lot of on-chain activity. It was later revealed that these were OTC deals. Now, despite low price volatility, on-chain activity is high and $1 billion worth of BTC is being added to new whale wallets every day. Most of these are likely moving to cold wallets.”

Ju also noted the “intensity” with which Bitcoin investors are “storing” their BTC. Ju noted that more and more Bitcoin investors are looking at it as a long-term investment:

“Bitcoin investors are holding more than selling. After 14 years, Bitcoin is now seen more as a store of value than a buy and sell asset.”

Ju also stated in another tweet that the largest cryptocurrency is not currently overpriced based on fundamental indicators on the Bitcoin network.