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<p class="is-style-lead">Bitcoin whales are on a buying spree, accumulating $23 billion worth of BTC in just 30 days.</p> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) has experienced a notable shift in market dynamics over the past month, with whales—large-scale holders of the cryptocurrency—accumulating significant amounts of BTC.</p> 
<p>According to on-chain data, nearly 404,448 BTC, worth approximately $23 billion, have moved into “permanent holder addresses,” signaling a clear accumulation phase. This trend has been observed amid global market uncertainties and fears of further declines.</p> 
<p>Ki Young Ju, the founder and CEO of CryptoQuant, highlighted this phenomenon in a series of posts on X. He expressed confidence in potential behind-the-scenes development, noting that the substantial inflow of Bitcoin into these permanent addresses suggests a strategic accumulation by institutional entities, companies, or even governments.</p> 
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   <p lang="en" dir="ltr">I'm pretty sure something is happening behind the scenes.<br><br>404,448 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> have moved to permanent holder addresses over the past 30 days, and it's clearly accumulation.<br><br>We'll know within a year. <a href="https://t.co/Ip0jow2pGN" target="_blank" rel="">https://t.co/Ip0jow2pGN</a> <a href="https://t.co/OOxuWcyxJu" target="_blank" rel="">pic.twitter.com/OOxuWcyxJu</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1820926833325457760?ref_src=twsrc%5Etfw" target="_blank" rel="">August 6, 2024</a>
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<p>&nbsp;“We’ll know within a year,” Ju stated, hinting at possible future announcements from these entities regarding their Q3 2024 Bitcoin acquisitions.</p> 
<p> You might also like: <a href="https://crypto.news/uniswap-announces-q2-financials-report-reveals-over-3m-committed-in-grants/"> Uniswap announces Q2 financials report, reveals over $3m committed in grants </a> </p> 
<p>The accumulation appears to have gained momentum following a market <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/" target="_blank" rel="noreferrer noopener">dip</a> on Aug. 5, where Bitcoin’s price fell to $49,800. Since then, the asset has rebounded by nearly 14%, reaching around $57,000 at the time of going to press.</p> 
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 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdYjz1TFYl8LlHuqEk4-3l6IiAv79zvk0ihEiIVAtOBgvL_uATlGMdnkV9v5okqBh7uPtBWY47G8sS8AHwHqh3B4O6Mxj5n52GkviyCSu7YYZAT9ifyF3kL8gMOvCBT3fUaeqmfO_dINhZp6LJWpB3CxEl4?key=TdM2v4IL9gsuktiNrHlc-Q" alt="Bitcoin whales accumulate $23b in BTC amid market uncertainty - 27">
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  BTC price chart, May 15 – Aug. 7 | Source: <a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">crypto.news</a>
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<p>Despite this recovery, the market sentiment remains <a href="https://crypto.news/bitcoin-chart-showing-mixed-signals-following-crypto-black-monday/" target="_blank" rel="noreferrer noopener">cautious</a>, as indicated by the Bitcoin ‘Fear and Greed’ index, which has only slightly improved from ‘extreme fear’ to a level of 29.</p> 
<p>Moreover, on Aug. 6 on-chain analyst Ali Martinez revealed that whales had acquired over 30,000 BTC, valued at approximately $1.62 billion in just 48 hours.&nbsp;</p> 
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   <p lang="en" dir="ltr">In the past 48 hours, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> whales acquired over 30,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>, valued at approximately $1.62 billion. This is evident from the surge in exchange outflows and the decrease in <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#BTC</a> supply held on exchanges. <a href="https://t.co/oV1aVu2tKc" target="_blank" rel="">pic.twitter.com/oV1aVu2tKc</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820798698567217210?ref_src=twsrc%5Etfw" target="_blank" rel="">August 6, 2024</a>
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<p>This accumulation was reflected in the increased outflows from exchanges and a corresponding decrease in the supply of BTC held on trading platforms.</p> 
<p>Interestingly, the recent inflows are not linked to ETF wallets but are primarily housed in custodial wallets with no outgoing transactions, further underscoring the strong holding behavior among these large investors.</p> 
<p>As Bitcoin hovers around the $57,000 mark, market watchers are keenly observing whether it will break out of its current consolidation range. Ju previously suggested that if the Bitcoin price manages to stay above the $45,000 level, it could push the cryptocurrency to a new <a href="https://crypto.news/bitcoin-price-to-hit-all-time-high-if-it-stays-above-45k-ceo/" target="_blank" rel="noreferrer noopener">all-time high</a> in the next 12 months.</p> 
<p> Read more: <a href="https://crypto.news/coindcx-launches-6m-customer-protection-fund-following-wazirx-hack/"> CoinDCX launches $6m customer protection fund following WazirX hack </a> </p>

Bitcoin whales accumulate $23b in BTC amid market uncertainty

crypto.news

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