Golden Finance reported that CryptoQuant CEO Ki Young Ju wrote on X that BTC is in the accumulation phase. In the past month, 358,000 BTC have been transferred to permanent holder addresses. In July, the global Bitcoin spot ETF inflow was 53,000 BTC. Although not all the remaining BTC are in custodial wallets, whales are clearly accumulating and at unprecedented levels. The recent inflow of BTC into long-term holder addresses is not due to ETF wallets. These wallets are neither exchange wallets nor miner wallets, and there is no outflow; most of them are custodial wallets.