Bitcoin Whales Continuing to Accumulate Despite Price Volatility
Bitcoin whales are continuing to accumulate, despite the volatility of the price. The flow of coins to large volume investors is considered unprecedented.
Analysis by CryptoQuant CEO
The CEO of the on-chain analysis platform CryptoQuant, Ki Young Ju, has highlighted that Bitcoin whales are accumulating coins amidst price volatility. In a post on X dated July 24th, he noted that the flow of BTC to large volume investors is unprecedented. He analyzed the change in the 30-day rolling balance for permanent holders and revealed a wealth transfer that is likely unique in the crypto market so far. He said that Bitcoin is in an accumulation phase, with 358,000 BTC moving to permanent holder addresses in the last month. He also emphasized that global spot ETF inflows this month were 53,000 BTC.
Speaking of Bitcoin ETFs based in the US, crypto products have reached nearly $486 million in assets under management.
The Accumulation of Bitcoin by Whales Reaches Unprecedented Levels
According to the CEO of CryptoQuant, not all remaining BTC is held in custody wallets, as whales are accumulating at an unprecedented level.
Long-Term Bitcoin Holders Refuse to Sell
Long-term holders of Bitcoin are defined as entities that hold a certain amount for at least 155 days. These entities have generally refused to sell in 2024, regardless of short-term price trends.
Recent Bitcoin Inflows Not Due to ETF Wallets
In another post on X, he said that recent Bitcoin inflows into permanent holder addresses are not due to ETF wallets. He explained that these wallets are neither exchange wallets nor miners’, and they have no outflows. They are mostly custody wallets, according to official data.
Shift in Bitcoin Demand
Bitcoin Price above $64,000
The Current State of BTC Price
As of today, at the time of writing this article, BTC is trading above $64,000.
Reasons Behind BTC Price Drop
Analysts have pointed out that the drop in Bitcoin price around the current level is not due to the Mt. Gox refund process that started this month.
According to analysts, the decrease in BTC price is mainly attributed to a decline in market sentiment and seasonal trends, rather than actions taken by the defunct crypto exchange.
Yesterday, we reported that Mt. Gox refunds to creditors have reached about 40% following a recent transfer of 37,477 BTC worth approximately $2.4 billion to an unknown wallet on July 24th.
