Key Points
- Bitcoin whales continue accumulating, despite price volatility.
- The flow of coins to large-volume investors is reportedly unprecedented.
The CEO of on-chain analytics platform CryptoQuant, Ki Young Ju, highlighted that Bitcoin whales are accumulating coins amidst price volatility.
In a post on X from July 24, he noted that the flow of BTC to large-volume investors is without precedent.
He analyzed the 30-day rolling balance change for permanent holders, and revealed a wealth transfer that’s arguably unlike anything seen in the crypto market so far.
He said that Bitcoin is in an accumulation phase, and over the past month, 358,000 BTC has moved to permanent holder addresses. He also highlighted that this month, global spot ETF inflows were 53,000 BTC.
Speaking of US-based Bitcoin ETFs, the crypto products reached almost $486 million in a single day on July 22, according to official data from SoSoValue.
According to CryptoQuant’s CEO, even though not all remaining BTC is in custody wallets, whales are accumulating and this is happening at an “unprecedented level.”
Bitcoin’s long-term holders are defined as entities that hold a given amount for at least 155 days. Such entities have broadly refused to sell in 2024, regardless of the short-term price trends.
Recent Bitcoin Inflows Are Not Due to ETF Wallets
In another post via X, he said that the recent Bitcoin inflows to permanent holders’ addresses are not due to ETF wallets. He explained that these wallets are neither exchange nor miner wallets, and they have no outflows.
These are mostly custodial wallets, according to official data.
Bitcoin Price Above $64,000
Regarding Bitcoin‘s price today, at the moment of writing this article, BTC is trading above $64,000.
Crypto analysts highlighted that the drop in Bitcoin’s price around the current level is not due to the Mt. Gox repayment process which started this month.
According to analysts, BTC’s price drop is mostly due to a decline in market sentiment, and seasonal trends, rather than the moves that are being made by the defunct crypto exchange.
Yesterday, we reported that the Mt Gox repayments to creditors have now reached about 40% following a recent transfer of 37,477 BTC worth around $2.4 billion to an unknown wallet on July 24.
