Bitcoin Whales Are Accumulating at Unprecedented Levels, Says CryptoQuant CEO
Ki Young Ju, CEO of CryptoQuant, recently shared on social media platform X that Bitcoin (BTC) is currently in an accumulation phase.
He highlighted that in the past month, 358,000 BTC have been moved to addresses of long-term holders.
#Bitcoin is in an accumulation phase.
Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
Ju pointed out that global spot ETF inflows for July were significantly lower at 53,000 BTC. He emphasized that this movement is not attributed to ETF wallets but indicates that large holders, or whales, are accumulating Bitcoin at unprecedented levels.
These addresses, described as custodial wallets, do not belong to exchanges or miners and show no outflows.
READ MORE:
Binance Sees Surge in Bitcoin Inflows, Potential Price Impact LoomsTo identify the transition from an accumulation phase to a distribution phase, Ju looks at indicators that measure changes in the realized cap over a month.
#Bitcoin is in an accumulation phase.
Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
He explains that a distributive environment is characterized by low inflows to accumulation addresses and a high realized cap within a short period, driven by retail activities such as deposits to exchanges.
The realized cap metric tracks the value of Bitcoin based on its price when it last moved, providing insights into how many holders are in profit or loss.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
No wonder Buffett finally bet on Google
Google holds the entire chain in its own hands. It does not rely on Nvidia and possesses efficient, low-cost computational sovereignty.

HYPE Price Prediction December 2025: Can Hyperliquid Absorb Its Largest Supply Shock?

XRP Price Stuck Below Key Resistance, While Hidden Bullish Structure Hints at a Move To $3

Bitcoin Price Prediction: Recovery Targets $92K–$101K as Market Stabilizes