According to TechFlow, on July 25, CryptoQuant CEO Ki Young Ju said on the X platform that BTC is in the accumulation phase. In the past month, 358,000 BTC have been transferred to long-term 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 an unprecedented level. 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; they are mostly custodial wallets.