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Home Technical analysis BTC

Whale Watching: Top Bitcoin Cetologist Warns Not To ‘Buy The Dip’

Tony Spilotro by Tony Spilotro
4 months ago
in BTC
Reading Time: 3min read
bitcoin whale cetologist buy the dip btc

Several Humpback whales swim together on their migration route to Alaskan waters.

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Bitcoin blasted from $10,000 to just under $20,000 in just a few months, sans any significant correction. And while sellers have been unable to shift the bullish momentum thus far, increased whale activity has one top crypto quant analyst warning investors not to buy the “dip.”

Here’s why the opinion is so “unpopular,” along with the data that has the professional whale watcher skeptical about further upside in the first-ever cryptocurrency – for now.

Unpopular Opinion: “Don’t Buy The $&%#ing Dip”

During the 2017 crypto bull run, making money was fairly easy according to those that lived it. Simply hold on for dear life, and when the opportunity presents itself, be ready with fresh fiat to buy the dip.

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Not only does the strategy avoid FOMOing into tops, but it ensures a greater chance of successfully catching a life-changing leveraged long.

Related Reading | Five Technical Reasons The Bitcoin Bull Trend Is Taking A Breather

With Bitcoin setting a new all-time high, FOMO back in the market, most market participants have concluded it is dip-buying season once again. The ferocity in which each minor correction has been bought up shows this process in action. The asset has corrected no more than roughly 20% in all of 2020, post-Black Thursday.

But Ki Young Ju, CEO of CryptoQuant.com, is issuing a warning starkly in contrast to the hive mind’s expectations, and that’s “don’t buy the $&%#ing dip.”

bitcoin whale btc

Whales are preventing the rally from continuing | Source: BTCUSD on TradingView.com

Crypto Cetology: What The Study Of Bitcoin Whales Tells Us

Quantitative analysis in traditional markets looks at profit margins, opex, etc. In cryptocurrencies, instead, the statistical data focuses on blockchain network health, wallet activity, and other unorthodox metrics.

According to Wikipedia, cetology is the study of whales (and dolphins and other porpoises) to better understand their “evolution, distribution, morphology, behavior, community dynamics, and other topics.”

Related Reading | Bitcoin Whales Resurface To Sell Down Weekend Retest of Highs

After comparing the two definitions, crypto fundamental analysis could more akin to the actual study of whales, versus other assets like stocks.

Quant analysis looks closely at the “distribution” of Bitcoin whales, and how many BTC they have in their wallets. Analysts commonly use wallet-size to rank whales in buckets of 1000+ BTC, 100+ BTC, etc.

crypto quant BTC bitcoin whalesWhale community behavior in action, according to BTC exchange inflows | Source: CryptoQuant.com

Quants like Ki Young Ju utilize transparent blockchain data to monitor whale “behavior” and “community dynamics.” And currently, the Bitcoin whale community is exhibiting behaviors that indicate they are either now selling, or preparing to sell down the current rally, prompting him to offer the “unpopular opinion.”

The whale watch is on.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptocryptoquantki young juwhalesxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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