Bitcoin (BTC) whales are “clearly accumulating” as the BTC price trades below all-time highs, according to on-chain analytics platform CryptoQuant.
CEO Joo Ki-young described the influx of coins to large investors as “unprecedented” in a July 24 post on X.
Bitcoin Whale Adds 358,000 BTC in July
Bitcoin’s “permanent holders” are buying large amounts of BTC at current BTC price levels.
Analysis of the 30-day balance changes for permanent holder addresses shows that there has been an unprecedented wealth transfer in the history of cryptocurrency markets.
“Bitcoin is in an accumulation phase,” he summarized.
“Last month 358K BTC were moved to permanent holder addresses.”
As of July 24, the date of this writing, these purchases, worth approximately $23 billion, were more than any other purchase in BTC terms, including the period when BTC/USD hit its current all-time high of $73,800 in March.
As Cointelegraph reported, long-term Bitcoin holders (entities who have held a certain amount for more than 155 days) have generally resisted selling this year, regardless of short-term price trends.
He then cited the continued success of spot Bitcoin exchange-traded funds (ETFs) as a means for institutional investors to gain exposure to BTC.
He noted that “the global spot ETF inflow in July was 53,000 BTC.”
The largest ETF in the US has seen inflows of $500 million in a single day this week, but analysts warn that such large aggregations tend to precede periods of correction in BTC price movements.
The story got even darker this week with the launch of a spot Ethereum ETF, sending crypto markets into a significant downturn on their second day of trading.
Top players “accumulate furiously”
But I am incredibly optimistic about the long-term accumulation trend.
Related: Bitcoin Expected to ‘Rise’ as First Buy Signal in a Year
“Not all the remaining BTC is in custodial wallets, but whales are clearly accumulating them,” he concluded.
“And that’s unprecedented.”
Others have joined him, including popular trader and social media commentator Bitcoin Munger, who uploaded data showing that the largest group of whales on X is “accumulating furiously.”
Only the smallest BTC holders, those holding less than 1 BTC, appear to be doing the opposite.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.