Bitcoin Whales Accumulating BTC at ‘Unprecedented Level,’ According to CryptoQuant CEO – Crypto News – Crypto News
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Bitcoin Whales Accumulating BTC at ‘Unprecedented Level,’ According to CryptoQuant CEO Bitcoin Whales Accumulating BTC at ‘Unprecedented Level,’ According to CryptoQuant CEO

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Bitcoin Whales Accumulating BTC at ‘Unprecedented Level,’ According to CryptoQuant CEO – Crypto News

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2 years ago

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Bitcoin (BTC) is in an accumulation phase, according to the chief executive of CryptoQuant.

Ki Young Ju tells his 356,900 followers on the social media platform X that 358,000 BTC moved to permanent holder addresses in the past month.

The CEO notes global spot exchange-traded (ETF) inflows in July were only 53,000 BTC.

“Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level.

Source: Ki Young Ju/X

The recent Bitcoin inflows to permanent holder addresses are not due to ETF wallets. These wallets are neither exchange nor miner wallets and have no outflows; they are mostly custodial wallets.”

Source: Ki Young Ju/X

Young Ju also details what he looks for as signs of the early stages of a transition between an accumulation environment and a distributive one.

“To gauge retail distribution on-chain, I use indicators capturing the increase in realized cap within a month. If there are low inflows to accumulation addresses and a high realized cap for under a month, driven by retail activities like deposits to exchanges, I would say it’s a distributive environment.”

Source: Ki Young Ju/X

The realized cap metric records the price of each Bitcoin when it last moved and aims to gauge how many holders are in profit or at a loss.

BTC is trading at $65,720 at time of writing.

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