Bitcoin hodlers have injected $23 billion into the market over the past 30 days, reflecting growing confidence and signaling significant market shifts amid varied asset reserves at major exchanges.
$23 Billion Accumulated by Bitcoin Hodlers
According to the data stored on the blockchain, "permanent holder addresses" of Bitcoin have amassed roughly $23 billion worth of currency over the course of the past month.
Ki Young Ju, the founder and CEO of CryptoQuant, expressed his belief that "I'm pretty sure something is happening behind the scenes" in a post that was published on X in August 2007.
This comment was made in regard to a recent increase in the fluctuation of demand for permanent Bitcoin holders over a period of thirty days.
Over the past thirty days, around $22.8 billion worth of Bitcoin, which is equivalent to 404,448 BTC, has been transferred to permanent holder addresses, "and it's clearly accumulation," stated Ki.
Entities to Announce Bitcoin Acquisitions in Q3 2024
Within the next twelve months, he forecasted that some entities, including financial institutions, businesses, governments, and others, "will announce that they've acquired Bitcoin in Q3 2024," he proceeded to add:
In a supplementary piece on X that was published on August 7th, Ki Young included a handful of other optimistic factors, such as the activity of Bitcoin miners.
He said that the hash rate is getting close to all-time highs and that the expenses of mining in the United States are approximately $43,000 per coin, which means that the hash rate is likely to remain steady unless prices drop below this level. "Miner capitulation is nearly over," he said.
He stated that there has been "reduced old whale activity" with long-term holders of over three years selling between March and June, but that there is "no significant selling pressure from old whales at this time." He went on to say that retail investors are generally missing, which is comparable to the situation in the middle of 2020.
Late in the month of July, he made the observation that cryptocurrency was flowing to permanent holding addresses, such as exchange-traded funds. He stated that although not all of the leftover Bitcoin was stored in custodian wallets, "whales are clearly accumulating, and it's an unprecedented level."
According to Cointelegraph, the accumulation appears to have increased since the market slump that occurred on August 5 and caused the price of Bitcoin to plummet to $49,800.
In the time since then, the asset has regained 14%, resulting in a recovery of $57,000 on August 6. In addition, the Bitcoin 'Fear and Greed' index has moved out of the 'severe fear' category and is now at a level of 29, which still shows worry but indicates a little improvement in attitude.