On August 7, CryptoQuant founder and CEO Ki Young Ju updated some very interesting information about the actions of Bitcoin (BTC) whales in the past 30 days.
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
On-chain data from CryptoQuant shows a surge in demand for BTC from long-term investors.
Specifically, 404,448 BTC (worth about $22.5 billion) have been transferred to permanent holders’ wallet addresses in the past 30 days. This is also the highest amount of BTC accumulated in history, far exceeding the old peak of more than 300,000 BTC in March this year (when BTC created a new ATH of $73,800).
CryptoQuant CEO Ki Young Ju predicted that traditional financial institutions (TradFi) or large companies may have bought more BTC in the third quarter of 2024.
“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.” said Ki Young Ju.
“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.”
Recently, Binance CEO, Richard Teng, announced that Binance had a record inflow of $2.2 billion on August 6, confirming significant new investments in the crypto market.
