In a recent tweet, Ki Young Ju, CEO of CryptoQuant, compared Bitcoin's current market trends to those in mid-2020. Ju noted that today's surge in on-chain activity mirrors the period when Bitcoin remained steady around $10,000 for six months in 2020. This past surge was driven by over-the-counter (OTC) transactions involving large Bitcoin trades between institutional investors or high-net-worth individuals to avoid market price impact.

Ju highlighted that despite Bitcoin's low price volatility now, it still shows high on-chain activity, with new whale wallets (holding large amounts of Bitcoin) receiving about $1 billion daily. This suggests that large investors are actively accumulating Bitcoin, likely for long-term storage.

This observation raises questions about who is selling amid high accumulation. Even with institutional investors, whales, and exchange-traded funds (ETFs) buying in, Bitcoin's price remains stable. This indicates that the supply must be coming from other market participants, such as retail investors taking profits, miners selling rewards, or long-term holders liquidating positions.

The accumulation by whales and ETFs suggests a long-term investment approach, possibly preparing for future market movements or regulatory changes. This steady accumulation, along with low price volatility, points to a consolidating market where buyers and sellers are in balance.

If this trend of high on-chain activity continues, it could have significant implications for Bitcoin's price. Historical data shows that increased on-chain activity often precedes price rallies. If this pattern holds, Bitcoin might see sustained upward movement, with some experts anticipating it could surpass its all-time high and potentially cross $100,000 within a year.