Bitcoin Holders Increase Accumulations by 404,448 BTC in 30 Days

The balance of long-term investors’ wallets for the leading cryptocurrency has grown by 404,448 BTC ($23 billion) over the past 30 days, according to data from CryptoQuant CEO Ki Young Ju.

I’m pretty sure something is happening behind the scenes.

404,448 #Bitcoin have moved to permanent holder addresses over the past 30 days, and it’s clearly accumulation.

We’ll know within a year. https://t.co/Ip0jow2pGN pic.twitter.com/OOxuWcyxJu

— Ki Young Ju (@ki_young_ju) August 6, 2024

“I’m almost certain—something is happening behind the scenes. It’s clear accumulation,” the expert emphasized.

The expert predicted that in Q3, some organizations, large companies, and governments of several countries will announce investments in digital gold.

So here’s what’s going to happen:

Within a year, some entities—whether they’re TradFi institutions, companies, governments, or others—will announce that they’ve acquired #Bitcoin in Q3 2024.

And retail investors will regret not buying it because they were worried about the…

— Ki Young Ju (@ki_young_ju) August 6, 2024

“Retail investors will regret not buying Bitcoin. Because they were worried about sales of coins by German authorities, Mt.Gox compensations, and the current macroeconomic nonsense,” the expert stated.

Based on these observations, the CEO of CryptoQuant concluded that the bull market remains intact.

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.

— Ki Young Ju (@ki_young_ju) August 6, 2024

“If the market doesn’t recover in two weeks, I’ll reconsider my opinion. I follow ‘smart money,’ so if I’m wrong, it means the new whales are either misguided or underestimated the macroeconomic situation,” he explained.

Separately, the specialist noted signs of the end of miner capitulation and the return of the hashrate to levels close to ATH.

#Bitcoin On-chain Data Summary:

Bullish

• Hashrate Recovery: Miner capitulation is nearly over, with hashrate nearing ATH. U.S. mining costs are ~$43K per BTC, so hashrate likely stable unless prices dip below this.

• Whale Accumulation: Significant BTC inflows into custody…

— Ki Young Ju (@ki_young_ju) August 6, 2024

Earlier, ForkLog gathered opinions from experts and market participants regarding the future price prospects of Bitcoin.

Previously, CryptoQuant analysts stated that the price of the leading cryptocurrency had regained key support at $56,000, but uncertain trading indicates risks of a renewed downward trend.