Yahya 
Bitcoin “long-term holder addresses” have accumulated approximately $23 billion worth of assets in the past month, according to on-chain data.
Significant Accumulation Behind the Scenes
CryptoQuant founder and CEO Ki Young Ju stated in an X post on August 7, “I definitely know something is happening behind the scenes.” This comment referred to the recent increase in demand change for long-term Bitcoin holders over the past 30 days.
Around $22.8 billion worth, or 404,448 BTC, has been moved to long-term holder addresses in the last 30 days, which Ki described as clearly accumulation. He predicted that TradFi institutions, corporations, or governments will announce Bitcoin purchases in the third quarter of 2024. He added:
“And retail investors will regret not buying because they were worried about the German government’s sale, Mt. Gox, or whatever macroeconomic nonsense.”
Bullish Factors and Market Sentiment
In a separate post on August 7, Ki Young Ju pointed out additional bullish factors such as Bitcoin miner activities. “Miner capitulation is almost over,” he said, noting that the hash rate is approaching all-time highs and that mining costs in the US are around $43,000 per coin. As long as this level is not breached, the hash rate is likely to remain stable.
“Retail investors are largely absent, similar to mid-2020″ he added, noting the declining activity of old whales. Those holding for over three years sold between March and June, but currently, there is no significant selling pressure from old whales.
“Based on this data, I believe the bull market is still intact. If the market doesn’t recover within two weeks, I will reassess. I’m following the smart money, so if I’m wrong, it means these new whales are either misguided or underestimating the macro environment.”
At the end of July, Ki had observed the flows to long-term holder addresses and compared them to asset flows like ETFs, noting that not all remaining BTC was in custody wallets, saying, “Whales are clearly accumulating, and this is an unprecedented level.”
Accumulation seems to have increased since the market drop on August 5, which brought BTC prices down to $49,800. The asset has since rebounded by 14%, reclaiming $57,000 on August 6. Additionally, the Bitcoin ‘Fear and Greed’ index has risen from ‘extreme fear’ to a level of 29, indicating a slight improvement in sentiment.
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