Permanent holders accumulated 404,448 BTC worth $23B, indicating a strong market shift within the last 30 days.
Analysts suggest recent whale activity could precede a significant Bitcoin price rally, mirroring past patterns.
CryptoQuant's CEO predicts that major entities may announce Bitcoin acquisitions by Q3 2024, fueling market speculation.
Recent on-chain data reveals a substantial increase in Bitcoin accumulation by permanent holder addresses, indicating a possible shift in market sentiment. Over the past 30 days, 404,448 Bitcoin, valued at nearly $23 billion, has been moved to these addresses, suggesting a strong accumulation trend.
https://twitter.com/Vivek4real_/status/1820928615250375083 Permanent Holders Drive Demand
The data highlights a surge in demand for Bitcoin among permanent holders, often referred to as whales. These large holders are known for their long-term investment strategies, and their recent activity suggests a deliberate effort to consolidate Bitcoin holdings.
Notably, the most spikes in accumulation occurred in early 2024, resembling patterns seen in previous years when similar activity led to substantial price rallies. Analysts see this trend as a potential precursor to another notable market movement.
Correlation with Market Trends
The correlation between whale accumulation and Bitcoin price movements has been well-documented. Historically, periods of increased demand from these holders have coincided with or preceded major price rallies. For example, the accumulation in late 2020 was followed by a substantial price increase in 2021.
A similar pattern is emerging in 2024, with analysts noting that the sharp rise in accumulation could signal another bullish phase. This trend is further supported by the close alignment between demand changes in permanent holder addresses and the broader market's behavior.
Analyst Predictions
CryptoQuant CEO Ki Young Ju recently commented on the ongoing accumulation trend, expressing certainty that something significant is unfolding behind the scenes. He predicted that within a year, major entities, including traditional financial institutions and governments, might announce their Bitcoin acquisitions.
The recent data on Bitcoin accumulation by permanent holder addresses highlights a shift in market activity, with 404,448 Bitcoin valued at nearly $23 billion being moved to these addresses over the past 30 days. As the market observes these developments, the correlation between whale activity and Bitcoin's price movements continues to be a key focus, reinforcing the impact of long-term holders on overall market dynamics.
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