Key Takeaways
- Bitcoin 'permanent holder addresses' accumulated $23 billion worth of BTC in the past 30 days.
- CryptoQuant's Ki Young Ju noted that this accumulation indicates possible major future announcements by institutions or governments.
- Miner capitulation is nearly over, with a hashrate nearing all-time highs, suggesting a stable market unless prices fall significantly.
Recent on-chain data indicates that Bitcoin “permanent holder addresses” have accumulated nearly $23 billion worth of Bitcoin over the past month, despite ongoing market challenges. The activity suggests significant accumulation by Bitcoin whales, with approximately 404,448 BTC, equivalent to $22.8 billion, being moved into permanent holder addresses in the last 30 days.
Ki Young Ju, the founder and CEO of CryptoQuant, highlighted this trend in a post on X, suggesting that significant developments may be happening “behind the scenes.” He also speculated that entities such as traditional financial institutions, companies, or governments might announce Bitcoin acquisitions in Q3 2024.
He stated:
Retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic [stuff] was going on.
Miners
Another positive factor noted by Ki is the activity of Bitcoin miners.
He mentioned that miner capitulation is nearly over, with the hashrate nearing all-time highs. U.S. mining costs are approximately $43,000 per coin, indicating that the hashrate will likely remain stable unless Bitcoin prices fall below this level.
Moreover, Ki observed a decrease in activity among long-term holders, who sold between March and June but are now showing “no significant selling pressure from old whales.” This has contributed to the perception that the bull market remains intact.
Ki stated:
Based on this data, I believe the bull market is still intact.
The recent accumulation surge appears to have intensified following a market slump on August 5, when Bitcoin prices dropped to $49,800. However, Bitcoin rebounded to $57,000 on August 6, showing a 14% recovery.
