New Data Reveals Bitcoin Whales’ Record-Breaking $23 Billion Buying Spree in July
Bitcoin permanent holders boost their balances by 358,000 BTC in a firm commitment to current price levels.
New Data Reveals Bitcoin Whales’ Record-Breaking $23 Billion Buying Spree in July Bitcoin (BTC) is currently trading at $64,323, with significant activity observed among large investors, known as whales, who are actively accumulating the cryptocurrency. According to CryptoQuant, an onchain analytics platform, this accumulation trend among whales is described as “unprecedented.”
In a recent update on July 24, CEO Ki Young Ju highlighted that Bitcoin whales have acquired a substantial 358,000 BTC throughout July. These acquisitions indicate a strong buying interest among Bitcoin’s long-term holders, often referred to as “permanent holders.”
Ki Young Ju’s analysis of the 30-day rolling balance change for addresses associated with permanent holders suggests a notable wealth transfer, which he believes is unprecedented in the history of the cryptocurrency market. He summarized the current market sentiment as Bitcoin being in an accumulation phase.
As of July 24, Bitcoin whales’ purchases amounted to approximately $23 billion, surpassing all previous buying activities in BTC terms, including the period when BTC/USD reached its peak of $73,800 in March.
According to Cointelegraph, Bitcoin’s long-term holders, defined as entities holding BTC for 155 days or more, have largely refrained from selling throughout this year, despite short-term price fluctuations.
CEO Ki Young Ju also highlighted the success of spot Bitcoin exchange-traded funds (ETFs) in providing institutional exposure to BTC. In July alone, global spot ETF inflows reached 53,000 BTC. The largest ETF in the United States even recorded over $500 million in inflows in a single day recently. However, there is caution surrounding such large inflows, as they have historically preceded periods of corrective BTC price movements.
The launch of spot Ether ETFs this week added complexity to the market dynamics, contributing to a noticeable downturn in crypto markets on their second day of trading.
Despite these fluctuations, Ki remains optimistic about long-term accumulation trends among major players in the market.
Other notable figures, including influential trader and social media commentator Bitcoin Munger, have also highlighted the significant accumulation efforts among the largest Bitcoin whales. Data shared on X platform indicates that this prominent cohort of whales is actively increasing their holdings.
Interestingly, the data also reveals that the smallest group of Bitcoin holders, those with 1 BTC or less, are moving in the opposite direction, indicating a decrease in holdings among this segment.
