Major Bitcoin investors, colloquially known as whales, have recently opened massive long positions on the flagship cryptocurrency via popular cryptocurrency exchanges Bybit and HTX at around $69,000.

That’s according to Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant, who pointed out that these massive long positions are interesting in light of similar activity seen back in August 2023, when Bitcoin whales opened large long positions on BTC ahead of a parabolic price rise that saw the cryptocurrency move from around $25,000 to a new all-time high above $73,500.

According to Young Ju, the price of the flagship cryptocurrency isn’t currently overvalued “based on network fundamentals,” which he backed up with the Thermo Cap ratio, with Thermo Cap being described as the “cumulative value of all Bitcoin mined so far, representing the total investment cost in the network.”

Per his words, a higher Thermo Cap ratio indicates stronger network fundamentals, with that ratio being found by dividing market capitalization by the Thermo Cap.

As CryptoGlobe reported, the price of Bitcoin could benefit from the growth of money supply in the United States as global liquidity has recently surged to near the $100 trillion mark, at a time in which BTC itself is trading at $71,000.

According to a chart shared on the microblogging platform X (formerly known as Twitter) by the founder of on-chain data service LookIntoBitcoin, Philip Swift, global supply – known as M2 – is nearing a historic high around $100 trillion.

This unprecedented level of liquidity is historically correlated with Bitcoin price movements, according to Swift. His platform tracks global M2 data and compares it to Bitcoin price behavior, and shows that the current M2 of $94 trillion dwarfs the figure observed in late 2021, when Bitcoin hit its previous all-time high of $69,000, with a $3 trillion increase.

Furthermore, M2 has rebounded a full 10% since dipping to $85 trillion in late 2022, coinciding with the depths of the crypto bear market.  These findings resonate with other recent liquidity-based analyses, which also project a bullish outlook for Bitcoin.

The relationship between Bitcoin and the U.S. M1 money supply is also noteworthy. This metric is currently breaking out of a seven-year consolidation period – the longest in Bitcoin’s history – suggesting significant room for growth.