Bitcoin (BTC) Is in an Accumulation Phase, According to the Chief Executive of CryptoQuant

Ki Young Ju tells his 356,900 followers on the social media platform X that 358,000 BTC moved to permanent holder addresses in the past month.

Bitcoin (BTC) is accumulating among whales, the CEO of CryptoQuant suggests, highlighting a key indicator.

Ki Young Ju tells his 356,900 followers on the social media platform X that 358,000 BTC moved to permanent holder addresses in the past month.

The global spot exchange-traded (ETF) inflows in July, on the other hand, were only 53,000 BTC.

“Throughout the month of July, 358,000 BTC moved into permanent holder addresses. Meanwhile, the global spot ETF inflows were 53,000 BTC.

Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level.

The recent BTC inflows into permanent holder addresses are not due to ETF wallets. These wallets are neither exchange nor miner wallets and have no outflows; they are mostly custodial wallets.”

Young Ju also explains how he identifies the early stages of a transition between an accumulation and a distributive environment.

“For retail distribution on-chain, I use indicators capturing the increase in realized cap within a month.

If there are low inflows to accumulation addresses and a high realized cap for under a month, driven by retail activities like deposits to exchanges, I would say it’s a distributive environment.”

The realized cap metric notes the price of each Bitcoin the last time it moved and aims to gauge how many holders are in profit or at a loss.

BTC is changing hands at $65,720 at the time of writing.

The above is the detailed content of Bitcoin (BTC) Is in an Accumulation Phase, According to the Chief Executive of CryptoQuant. For more information, please follow other related articles on the PHP Chinese website!