Cryptoquan believes that whales continue to accumulate BTC in anticipation of further strong growth in the asset

If we analyze the ratio of key participants on spot exchanges using a 30-day moving average, we can find that the current situation is similar to what was observed after the COVID-19 pandemic in 2020.

There are many aspects to consider when analyzing this situation. However, one possible explanation could be that large players are currently actively accumulating Bitcoin, likely in anticipation of a significant increase in value after the next halving.

They may be in positions that will allow them to benefit from a potential long-term price increase after the next Bitcoin halving.