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Bitcoin (BTC) whales have opened large long positions on exchanges Bybit and HTX at a price point of $69,000, according to CryptoQuant CEO Ki Young Ju. He notes that similar actions by whales in August 2023 preceded a significant rally pushing BTC from $25,000 to above $73,000. Young Ju asserts that Bitcoin is not currently overvalued, citing the thermo cap ratio (market capitalization divided by the total investment cost in the Bitcoin network) as evidence. He also mentioned that $1 billion in BTC has been recently added to whale wallets, likely moved to cold storage. This activity mirrors patterns from 2020 when BTC consolidated around $10,000 for six months amid high on-chain activity due to OTC deals. BTC's current trading price is $68,124. The text concludes with a disclaimer stating that opinions expressed are not investment advice and that investors should conduct due diligence.