Bitcoin "permanent holder addresses" have amassed nearly $23 billion in assets over the past month.
Bitcoin "permanent holder addresses" have amassed nearly $23 billion in assets over the past month. CryptoQuant founder and CEO Ki Young Ju highlighted this surge in accumulation, suggesting significant activity behind the scenes.
The past 30 days have seen approximately $22.8 billion, or 404,448 BTC, move into these permanent holder addresses, indicating a clear trend of accumulation. Ki Young Ju speculated that within a year, major entities such as traditional financial institutions, companies, or governments might announce Bitcoin acquisitions in Q3 2024. He predicted retail investors might regret not buying sooner due to concerns over macroeconomic factors like the German government's actions or the Mt. Gox situation.
Ki also pointed out several bullish indicators, including a stabilization in Bitcoin miner activity. "Miner capitulation is nearly over," he stated, noting that the hash rate is nearing all-time highs. With U.S. mining costs around $43,000 per coin, the hash rate is expected to remain stable unless prices drop significantly.
Interestingly, retail investors are largely absent, reminiscent of mid-2020, while long-term holders have shown reduced selling activity. Between March and June, these holders sold off, but there is currently no significant selling pressure from them. He emphasized following "smart money" and suggested that if he is mistaken, it might mean new investors have misjudged the broader economic landscape.
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