Fun

‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 days

News Feed - 2024-08-07 11:08:58

Martin Young6 hours ago‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 daysOnchain activity suggests that Bitcoin whales have accumulated BTC over the past month amid a market slump.6721 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin “permanent holder addresses” have accumulated nearly $23 billion of the asset over the past month, according to onchain data.


In a post on X on Aug. 7, CryptoQuant founder and CEO Ki Young Ju exclaimed, “I’m pretty sure something is happening behind the scenes.”


The comment came in reference to a recent spike in 30-day demand change for permanent Bitcoin (BTC) holders.


Around $22.8 billion worth, or 404,448 BTC, has moved to permanent holder addresses over the past 30 days, “and it’s clearly accumulation,” said Ki.Bitcoin permanent holder addresses 30-day demand change. Source: CryptoQuant


He predicted that within a year, some entities, such as TradFi institutions, companies, governments or others, “will announce that they’ve acquired Bitcoin in Q3 2024,” adding:“And retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.”


In a separate X post on Aug. 7, Ki Young added another couple of bullish factors, such as Bitcoin miner activity.


“Miner capitulation is nearly over,” he said, adding that hashrate is nearing all-time highs and United States mining costs are around $43,000 per coin, so hashrate is likely to remain stable unless prices dip below this level.


“Retail investors are mostly absent, similar to mid-2020,” he said, adding that there has been “reduced old whale activity” with long-term holders of over three years selling between March and June but “no significant selling pressure from old whales at this time.”“Based on this data, I believe the bull market is still intact. If the market doesn’t recover in two weeks, I’ll reconsider. I follow smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment.”


In late July, he observed the flows to permanent holder addresses such as exchange-traded funds, stating that not all remaining BTC is in custody wallets, but “whales are clearly accumulating, and it’s an unprecedented level.”


Related:Bitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%


The accumulation appears to have increased since the market slump on Aug. 5, which sent BTC prices crashing to $49,800, according to Cointelegraph.


The asset has recovered 14% since then to reclaim $57,000 on Aug. 6. Moreover, the Crypto Fear & Greed Index has moved from extreme fear to fear, indicating a slight improvement in sentiment.Source:Bitcoin Fear and Greed Index


BTC traded at $56,836 at the time of writing, up 1.7% on Aug. 7.


Magazine:How crypto bots are ruining crypto — including auto memecoin rug pulls# Bitcoin# BTC Markets# Hodl# WhaleAdd reaction

News Feed

Stablecoin transfer volume increased 16x during past 4 years
Zoltan Vardai11 hours agoStablecoin transfer volume increased 16x during past 4 yearsIncreased stablecoin usage could be a sign of growing crypto adoption for a maturing industry.1181 Total views36 Total sharesListen to
Sphere 3D’s legal issues escalate as Gryphon seeks to block $10M
Ana Paula Pereira6 hours agoSphere 3D’s legal issues escalate as Gryphon seeks to block $10MGryphon Digital Mining is seeking to block Sphere 3D from using $10 million from a recent settlement with Core Scientific.1185
Marcel Pechman3 hours agoRobinhood accumulated $3B in Bitcoin in 3 months — What does this mean for markets?Robinhood’s Bitcoin holdings could reshape the crypto landscape by supercharging the influence of retail inv
Trade Republic, Crypto.com Register as Cryptocurrency Operators in Italy
Trade Republic, Crypto.com Register as Cryptocurrency Operators in Italy German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto s
Chinese gov’t launches public blockchain infrastructure platform with Conflux Network
Zoltan Vardai11 hours agoChinese gov’t launches public blockchain infrastructure platform with Conflux NetworkThe blockchain initiative comes despite mainland China’s hostile attitude toward cryptocurrencies.2607 Tot
NFT Sales Jumped 22% Higher This Month With $568 Million in NFTs Sold Across 20 Blockchains
NFT Sales Jumped 22% Higher This Month With $568 Million in NFTs Sold Across 20 Blockchains Non-fungible token (NFT) sales have shown improvement during the last month as 30-day st
Personal Finance Expert Suze Orman Says ‘I Love Bitcoin’ — Advises How to Buy BTC, Praises Paypal
Personal Finance Expert Suze Orman Says "I Love Bitcoin" — Advises How to Buy BTC, Praises Paypal American financial advisor Suze Orman says she loves bitcoin.
India’s Central Bank RBI Reiterates ‘Serious Concerns’ About Crypto — Governor Doubts Reports on Indian Crypto Investors
India"s Central Bank RBI Reiterates "Serious Concerns" About Crypto — Governor Doubts Reports on Indian Crypto Investors India’s central bank, the Reserve Bank of India (R
BTC price slumps to $62K as Bitcoin bulls bet on M2 money supply
William Suberg10 hours agoBTC price slumps to $62K as Bitcoin bulls bet on M2 money supplyBitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.9004 Total views17 Total sh
David Attlee1 hour agoFrench regulator sees DeFi as ‘disintermediated,’ not ‘decentralized’The Autorité de Contrôle Prudentiel et de Résolution concluded its consultation on the regulation of DeFi.299 Total vi
Argentinian Exchange Ripio Raises $50 Million in Latest Funding Round Led by DCG
Argentinian Exchange Ripio Raises $50 Million in Latest Funding Round Led by DCG Ripio, a Latin American (Latam) exchange headquartered in Argentina, raised $50 million in its late
William Suberg11 hours agoBitcoin bulls hold firm into weekly close: BTC price eyes $39.3KBTC price action is giving various popular market participants cause to prepare for upside BTC price continuation.6011 Total views