The CEO of CryptoQuant, a blockchain analysis firm, has recently shared crucial insights regarding Bitcoin's market outlook. He compared the current on-chain market sentiment of Bitcoin to that of 2020, which preceded the peak of the last bull cycle in early 2021. Ki Young Ju, the CEO of CryptoQuant, highlighted that Bitcoin has been experiencing a consolidation phase for more than six months, similar to the situation four years ago when on-chain activities surged. During this time, approximately $1 billion worth of Bitcoin was added to whale wallets, indicating substantial potential impacts on the market.

Ju drew parallels between the current state of Bitcoin and mid-2020, emphasizing that despite the price stability, on-chain activities remain significant. The influx of $1 billion daily into new whale wallets signifies ongoing market dynamics. Moreover, Ju presented a graph illustrating the 'holding intensity' of Bitcoin holders, showcasing a consistent upward trajectory over the 14-year period. He suggested that this trend reflects a shift towards viewing Bitcoin as a store of wealth rather than a mere commercial asset.

As the narrative pivoted towards Bitcoin's value as a preservation tool, the market data indicated that Bitcoin was traded at $68,764 at the time of the report. The market cap reached $1.35 billion, accompanied by a notable 89% surge in the 24-hour trading volume, which hit $32 billion. The market sentiment pointed towards substantial selling pressure, as indicated by the RSI value plummeting to 37, signaling a heightened selling intensity.