Bitcoin

Bitcoin “permanent holder addresses” have accumulated nearly $23 billion of the asset over the past month, according to onchain data.
In a post on X on Aug. 7, CryptoQuant founder and CEO Ki Young Ju <a href="https://x.com/ki_young_ju/status/1820926833325457760" target="_blank" rel="noopener nofollow">exclaimed</a>, “I’m pretty sure something is happening behind the scenes.”
The comment came in reference to a recent spike in 30-day demand change for permanent Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) holders. 
Around $22.8 billion worth, or 404,448 BTC, <a href="https://cointelegraph.com/news/bitcoin-whale-accumulation-2024-cryptoquant-ceo">has moved to permanent holder addresses</a> over the past 30 days, “and it’s clearly accumulation,” said Ki.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/35636d85-9aaa-453e-bd61-5cb7c5e80593.jpg" alt="‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 days" title="">
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 Bitcoin permanent holder addresses 30-day demand change. Source: CryptoQuant
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He predicted that within a year, some entities, such as TradFi institutions, companies, governments or others, “will announce that they’ve acquired Bitcoin in Q3 2024,” adding:
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 “And retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.”
</blockquote>
In a separate X post on Aug. 7, Ki Young&nbsp;<a href="https://x.com/ki_young_ju/status/1820882769913983106" target="_blank" rel="noopener nofollow">added</a> another couple of bullish factors, such as Bitcoin miner activity. 
“Miner capitulation is nearly over,” he said, adding that hashrate is nearing all-time highs and United States mining costs are around $43,000 per coin, so hashrate is likely to remain stable unless prices dip below this level.
“Retail investors are mostly absent, similar to mid-2020,” he said, adding that there has been “reduced old whale activity” with long-term holders of over three years selling between March and June but “no significant selling pressure from old whales at this time.”
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 “Based on this data, I believe the bull market is still intact. If the market doesn’t recover in two weeks, I’ll reconsider. I follow smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment.”
</blockquote>
In late July, he observed the flows to permanent holder addresses such as exchange-traded funds, stating that not all remaining BTC is in <a href="https://cointelegraph.com/explained/various-forms-of-bitcoin-custody-explained">custody wallets</a>, but “whales are clearly accumulating, and it’s an unprecedented level.”
Related: <a href="https://cointelegraph.com/news/bitcoin-analyst-seller-exhaustion-btc-price-rebounds-10">Bitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%</a>
The <a href="https://cointelegraph.com/explained/how-do-crypto-whales-protect-their-identities">accumulation appears to have increased</a> since the market slump on Aug. 5, which sent BTC prices crashing to $49,800, according to Cointelegraph. 
The asset has recovered 14% since then to <a href="https://cointelegraph.com/news/bitcoin-traders-regain-optimism-as-btc-price-aims-to-reclaim-57k">reclaim $57,000</a> on Aug. 6. Moreover, the Crypto Fear &amp; Greed Index has moved from extreme fear to fear,&nbsp;indicating a slight improvement in sentiment.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/a44c515c-6ae4-4306-930b-a7683bb6d866.jpg" alt="‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 days" title="">
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 Source: <a href="http://alternative.me/" target="_blank" rel="noopener nofollow">Bitcoin Fear and Greed Index</a>
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BTC traded at $56,836 at the time of writing, up 1.7% on Aug. 7. 
Magazine: <a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 days

Cointelegraph

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