Large Bitcoin investors are on a buying frenzy. They've scooped up 358,000 BTC this month, which account for whopping $23 billion at current prices, quite an amount of money, to say the least.
CryptoQuant, an on-chain analytics firm, calls this "unprecedented". Their CEO, Ki Young Ju, shared the data on social media. He says Bitcoin is "clearly" in an accumulation phase, which precedes the surge, if our historical data is supposed to teach us anything at all.
These big players, known as "whales", are betting big on Bitcoin. They're unfazed by current prices, which are below all-time highs. The buying spree outpaces even the March rally when Bitcoin hit $73,800.
Long-term holders aren't budging. They've held tight in 2024, regardless of short-term price swings. These are folks who've kept their Bitcoin for at least 155 days.
Ki Young Ju points to spot Bitcoin ETFs as a factor. "In July, global spot ETF inflows were 53K BTC," he notes. These funds are gaining traction with institutional investors.
The largest U.S. ETF saw $500 million in inflows on July 22 alone. But some analysts warn this could signal a price correction. The crypto market's already feeling jittery after spot Ether ETFs launched on July 23.
Despite short-term wobbles, Ki remains bullish on long-term trends. "Whales are clearly accumulating," he says. "And it's an unprecedented level."
Other market watchers agree. Bitcoin Munger, a popular trader, shared data showing the largest whale group "furiously accumulating". Only the smallest hodlers, with 1 BTC or less, are selling.
This whale behavior is raising eyebrows. It's not your average buying spree. These big fish are making waves, and the ripples could be felt across the crypto ocean.
What's driving this feeding frenzy? That's the million-dollar (or billion-Bitcoin) question. But one thing's for sure: the whales are hungry for more, and that is definitely a good sign for everyone who believes in Bitcoin and waits for BTC to surge as soon as possible - who are we to trust if not our beloved BTC whales?.