‘Something is Happening’ — Bitcoin Hodlers Accumulate $23B in Past 30 Days
Bitcoin hodlers have amassed nearly $23 billion in the past month, as on-chain data reveals significant accumulation by long-term holders amid recent market fluctuations.
Whales Scoop Up $23B in Bitcoin
According to on-chain data, Bitcoin “permanent holder addresses” have accumulated around $22.8 billion worth of Bitcoin, equivalent to 404,448 BTC, over the last 30 days. CryptoQuant founder and CEO Ki Young Ju highlighted this trend in an August 7 post on X, stating, “I’m pretty sure something is happening behind the scenes.”
Ju emphasized that this substantial movement of Bitcoin to permanent holder addresses signifies clear accumulation, noting the dramatic increase in demand over the past month.
Anticipating Institutional Announcements
Ju speculated that within a year, various entities—including traditional financial institutions, corporations, or governments—might announce Bitcoin acquisitions from Q3 2024. He suggested that retail investors may regret missing out if they are deterred by macroeconomic concerns or past events like the Mt. Gox debacle.
Bullish Indicators and Miner Activity
In a separate August 7 post, Ju added other bullish signals, such as Bitcoin miner activity. He noted that miner capitulation is nearly over, with the hashrate approaching all-time highs. Given the current mining costs in the U.S. are around $43,000 per BTC, Ju expects the hashrate to remain stable unless prices fall below this threshold.
Ju also pointed out the absence of retail investors and reduced activity from old whales, who had sold between March and June but are now showing no significant selling pressure.
Market Sentiment and Future Outlook
Ju remains optimistic about the bull market, suggesting it is still intact based on the current data. However, he indicated that if the market does not recover within two weeks, he would reassess his position, noting that any deviation from this trend might suggest new whales are either misinformed or underestimating the macro environment.
Recent Market Movements
Following a market slump on August 5 that saw BTC prices fall to $49,800, Bitcoin has recovered 14% to $57,000 as of August 6. The Crypto Fear & Greed Index has also improved, moving from extreme fear to fear, reflecting a slight uptick in market sentiment.
At the time of writing, Bitcoin is trading at $56,836, marking a 1.7% increase on August 7.
