Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/investors-amass-bitcoin-worth-billions" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Amass Bitcoin Worth Billions</a><br></p>
<p style="text-align: justify">In the past month, <a href="https://en.bitcoinhaber.net/bitcoin-breaks-45000-barrier-a-milestone-amidst-etf-anticipation" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) HODL’ers, those who hold on to their BTC at any cost, have accumulated nearly $23 billion. Ki Young Ju, founder and CEO of CryptoQuant, highlighted this trend on his X account, suggesting, “Something is definitely happening in the background,” based on the latest on-chain data.</p>
<h2 id="what-is-behind-the-bitcoin-accumulation">What is Behind the Bitcoin Accumulation?</h2>
<p style="text-align: justify">Ju’s analysis points to a significant uptick in demand over the last 30 days among Bitcoin HODL’ers. The data indicates that these <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> have acquired roughly 404,448 BTC, valued at $22.8 billion. Significant inflows were observed into Bitcoin HODL’ers’ wallets at the end of July, including substantial transfers to wallets associated with exchange-traded funds. This indicates that large investors are accumulating Bitcoin at unprecedented levels.</p>
<p style="text-align: justify">Ju also forecasts that by the third quarter of 2024, traditional finance entities, corporations, or governments might announce their Bitcoin purchases. He warned individual investors that they might regret not buying Bitcoin earlier due to macroeconomic events and actions like the German government’s sales.</p>
<h2 id="how-miner-activity-influences-bitcoin-s-future">How Miner Activity Influences Bitcoin’s Future?</h2>
<p style="text-align: justify">In another post, Ju noted positive factors such as Bitcoin miner activity. He mentioned that “miner capitulation is almost over,” with the hash rate nearing all-time highs and mining costs in the US around $43,000 per BTC. He predicts the hash rate will remain stable as long as Bitcoin’s price stays above this level.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Large-scale Bitcoin accumulation is occurring, signaling potential <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price increases.<br> – Traditional finance institutions may soon reveal their Bitcoin holdings, validating the cryptocurrency’s value.<br> – Bitcoin miner activity is stabilizing, contributing to a strong market foundation.<br> – Current market sentiment shows a shift from extreme fear to fear, suggesting a gradual improvement.</p>
<p style="text-align: justify">Moreover, since the market drop on August 5, accumulation has picked up. During this decline, Bitcoin’s price dropped to $48,800 but rebounded by 14% to $57,000 on August 6. The Crypto Fear and Greed Index also improved, moving from extreme fear to fear, indicating a slight enhancement in market sentiment.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/investors-amass-bitcoin-worth-billions" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Amass Bitcoin Worth Billions</a></h5>

Investors Amass Bitcoin Worth Billions

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