Bitcoin or gold? Under these uncertain times, some analysts are still believing in BTC as a hedge asset like gold, to the opposite views of others.
, CEO of South Korean on-chain analytics resource CryptoQuant, took to Twitter on Thursday to report that his platform has not observed any “significant on-chain activities” as of 11:00 am UTC.
Institutional investors who bought Bitcoin via on-chain transactions do not seem to have sold their holdings yet, Ju wrote, adding that “institutions running algorithmic trading bots think BTC is a tech stock.” “I’d rather stay until Michael Saylor sells Bitcoin,” the CryptoQuant CEO stated, adding that he still supports the digital gold narrative for now:
“I believe we can detect whale selling activity through on-chain preemptively. My point was that the digital gold narrative is still valid as long as these institutions hold Bitcoins.”via on-chain txns seem not sold their holdings yet.
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