Originally published on: July 25, 2024
Unprecedented Accumulation by Bitcoin Whales
According to recent data from CryptoQuant, Bitcoin whales have embarked on a remarkable buying spree in July. CEO Ki Young Ju described the influx of coins to large-volume investors as “unprecedented,” indicating a significant accumulation phase.
Analyzing the activity of “permanent holders” acquiring BTC at current price levels, Ki unveiled a substantial wealth transfer within the crypto market, unparalleled in its history. The total value of these purchases amounted to approximately $23 billion by July 24, surpassing previous buying trends even during the peak pricing at $73,800.
Institutional Interest and Market Dynamics
Despite short-term price fluctuations, long-term Bitcoin holders have remained resolute, holding onto their assets for at least 155 days. Additionally, the success of spot Bitcoin exchange-traded funds (ETFs) has been evident, with global inflows of 53K BTC recorded in July.
Notably, the launch of spot Ether ETFs on July 23 introduced new dynamics to the market. While ETF inflows reached significant milestones, signaling institutional interest, caution is advised as historically, such large tallies have often preceded corrective price movements in Bitcoin.
Positive Trend in Wealth Accumulation
CEO Ki remains optimistic about the long-term accumulation trend among whales, emphasizing their continued acquisition activity. Noteworthy data revealed by trader Bitcoin Munger pointed to a substantial increase in accumulation by the largest whale cohort, signaling a bullish sentiment.
Despite this optimistic outlook, readers should conduct their research and exercise caution as investment decisions carry inherent risks.
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