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Bitcoin Whales Are Accumulating at Unprecedented Levels, Says CryptoQuant CEO

27.07.2024 10:00 2 min. read Alexander Stefanov
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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.

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.

To 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.

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.

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