According to Cointelegraph: Bitcoin whales have embarked on an extraordinary accumulation spree, purchasing 358,000 BTC worth $23 billion in July, according to onchain analytics platform CryptoQuant. This significant buy-in highlights the strong commitment of these large-volume investors to current price levels.

In a recent X post, CryptoQuant CEO Ki Young Ju described the inflow of coins to large-volume investors as "unprecedented." The data indicates that Bitcoin's "permanent holders" have been accumulating extensively, marking one of the most significant wealth transfers in the history of the cryptocurrency market.

Massive Accumulation Phase

Analyzing the 30-day rolling balance change for permanent holder addresses, Ki revealed that Bitcoin is currently in a substantial accumulation phase. "Over the past month, 358K BTC has moved to permanent holder addresses," he summarized. These purchases surpass all others in BTC terms, including the period during which Bitcoin reached its all-time high of $73,800 in March.

Long-Term Holders Remain Steadfast

Long-term holders, defined as entities holding a given amount of BTC for 155 days or more, have largely refused to sell this year, regardless of short-term price trends. This steadfast behavior underscores the confidence among long-term holders in Bitcoin's future value.

Institutional Interest via Spot ETFs

Ki also pointed to the ongoing success of spot Bitcoin exchange-traded funds (ETFs) as a vehicle for institutional BTC exposure. In July alone, global spot ETF inflows reached 53,000 BTC. The largest such ETF in the United States saw over $500 million in inflows in a single day this week, further demonstrating strong institutional interest. However, analysts warn that such large inflows often precede periods of corrective BTC price behavior.

Market Trends and Future Outlook

Despite the positive trends, the recent launch of spot Ether ETFs has added complexity to the market narrative, with crypto markets experiencing a marked decline on their second day of trading. Nevertheless, Ki remains optimistic about the long-term accumulation trends, noting that "whales are clearly accumulating at an unprecedented level."

Popular trader and social media commentator Bitcoin Munger corroborated this view, sharing data showing the largest whale cohort "furiously accumulating." Interestingly, only the smallest class of BTC holders, those with 1 BTC or less, are currently selling.