Bitcoin whales accumulating: Positive indicator despite recent price movements

IconCryptoNewsTerminal Staff24 Jul, 2024

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Bitcoin whales accumulating: Positive indicator despite recent price movements

Despite the recent price movements, Bitcoin (BTC) continues to accumulate. According to CryptoQuant CEO Ki Young Ju, "358,000 BTC has been moved to permanent holder addresses (addresses that have never sent out any of the BTC received, based on on-chain records) in the past month." This indicates that large investors, or "whales," are buying and holding BTC for the long term. The inflow to the global Bitcoin spot ETF in July was 53,000 BTC. This suggests that the remaining BTC was not all moved to custody wallets, but rather that whales are accumulating BTC outside of exchanges. The demand for permanent holder addresses is at an unprecedented level. This indicates that investors are increasingly looking to hold BTC for the long term, rather than trading it for short-term profits. Overall, the on-chain data suggests that Bitcoin is accumulating and that whales are buying. This is a positive indicator for the long-term price of BTC.

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