Bitcoin is in a buying frenzy, according to the CEO of CryptoQuant, Ki Young Ju. He says that over the past month, a whopping 358,000 Bitcoins have been moved to “permanent holder addresses.” This means these coins are likely being held long-term and won’t be sold anytime soon.
Big Players Are Making Moves
Ju points out that this massive influx of Bitcoin isn’t coming from exchange-traded funds (ETFs), which only saw 53,000 Bitcoins flow in during July. This suggests that the buying is being driven by large investors, known as “whales,” who are accumulating Bitcoin at an unprecedented rate.
Signs of a Bullish Shift
Ju also looks at on-chain data to identify potential shifts in the market. He’s keeping an eye on the “realized cap,” which tracks the price of each Bitcoin when it last moved. A high realized cap with low inflows to accumulation addresses could signal that retail investors are selling their Bitcoin, potentially leading to a market downturn.
What It Means for Bitcoin
The massive buying activity by whales is a bullish sign for Bitcoin. It suggests that these big players believe the price of Bitcoin will continue to rise in the future. However, it’s important to remember that the market can be unpredictable, and investors should always do their own research before making any investment decisions.
