Bitcoin Whales Remain Dormant as Altcoin Market Flounders Due to Lack of US Regulatory Clarity, CryptoQuant CEO Says

The head of blockchain analytics platform CryptoQuant says that ancient Bitcoin (BTC) whales are largely remaining dormant.

The blockchain analytics expert at the head of platform CryptoQuant says the old Bitcoin (BTC) whales are largely dormant.

Ki Young Ju tells his 363,800 followers on social media platform

SOAB categorizes money spent into categories based on their age and displays them in colored bands as a percentage of total money moved.

“The old Bitcoin whales are still asleep. Moving Bitcoins that have been dormant for seven-plus years has historically triggered market volatility, depending on the source and destination. (Mt. Gox is excluded from this chart). If you were an ancient whale, what would you do now?”

Also, Ju says that this group of Bitcoin holders is largely not sending their money to crypto exchanges, indicating an impending selloff.

“There are no signs of significant BTC investment from these old whales to the exchanges.”

Bitcoin is trading at $62,126 at the time of writing and has recorded a slight decline in the last 24 hours.

Talking about the altcoin market, Ju says the lack of regulatory clarity for cryptos in the US has created a headwind for many digital asset projects, including UNI, the native asset of the Uniswap decentralized exchange (DEX).

“Some altcoins with real value are not rising due to regulatory hurdles. They can generate income, but they are very careful while doing so. For example, if Uniswap's fee switch was activated, its treasury could hold $314 million. There is currently $408 million worth of UNI on centralized exchanges. If treasury were used for buybacks, prices could skyrocket by 10x-100x depending on order book depth. (Not financial advice; I don't have UNI.)

If [Donald] Trump wins [November's US presidential election], expect regulatory changes, including fee switches that allow them to burn tokens for revenue-generating projects… Altcoins could rise if Trump wins, but for now it's all gambling in an unregulated space.”

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UNI is trading at $7.30 at the time of writing and is up 3.5% in the last 24 hours.

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