The post Bitcoin Whales Unexpectedly Buy $23B In July Buying Spree appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) permanent holders increase their balances by 358,000 BTC in a strong commitment to current price levels. The latest CryptoQuant market data shows that BTC whales are “clearly accumulating” as the crypto’s price keeps trading below all-time highs. In a July 24 X post, CEO Ki Young Ju said the flow of coins to whale investors is “unprecedented.” Bitcoin Whales Add 358K BTC In July Bitcoin’s “permanent holders” keep acquiring lots of coins at current BTC price levels. Analyzing the 30-day rolling balance change for permanent holder addresses, Ki highlighted a wealth transfer arguably unlike anything that has ever been seen in the history of the crypto market. He summarized: “Bitcoin is in an accumulation phase. Over the past month, 358K BTC has moved to permanent holder addresses.” Bitcoin permanent holder demand. Source: Ki Young Ju/X These purchases, equal to nearly $23 billion at the time of publication on July 24, beat everything else in BTC terms, including when Bitcoin hit its all-time high of $73,800 in March. Based on previous reports, Bitcoin’s long-term holders, the entities that hold an amount of BTC for 155 days or more, have majorly refused to sell in 2024, irrespective of near-term price trends. Furthermore, Ki highlighted the current success of the spot Bitcoin exchange-traded funds (ETFs) as channels for institutional Bitcoin exposure. He noted: “In July, global spot ETF inflows were 53K BTC.” The biggest such ETF in the US topped $500 million in inflows in one day this week. Concurrently, nonetheless, analysis warned that such huge tallies have seemed to precede periods of corrective Bitcoin price behavior. The week’s launch of spot Ether ETFs also clouded this narrative, with crypto markets seeing a marked come-down on their second day of trading. Whales ‘Furiously Accumulating’ When it comes to long-term accumulation trends,…

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Filed under: News - @ July 25, 2024 5:26 pm