The price of the flagship cryptocurrency Bitcoin has risen more than 5% over the past week to currently stand above the $67,000 mark, seeing a price rise after a seismic market rout erased $1 trillion from U.S. equities in their worst day since 2022.
The rise comes with Bitcoin in an “accumulation phase,” as over the past month 358,000 BTC worth over $24 billion were moved to permanent holder addresses, greatly surpassing the global spot exchange-traded fund (ETF) inflows seen so far this month of 53,000 BTC.
That’s according to the CEO of on-chain cryptocurrency analytics firm CryptoQuant, Ki Young Ju, who on the microblogging platform X (formerly known as Twitter), told his over 350,000 followers that while not all remaining BTC is in custody wallets “whales are clearly accumulating” at an “unprecedented level.”
#Bitcoin is in an accumulation phase.Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it's an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
CryptoQuant’s CEO added that since the distribution ofBitcoin and Bitcoin Cash to Mt. Gox creditors on Kraken, the exchange’s spot Bitcoin trading volumes and exchange flows “are normal.”
Kraken has recently announced it distributed BTC and BCH to creditors of the now collapsed Mt. Gox exchange, with it being one of the five cryptocurrency exchanges tasked with returning billions of dollars in Bitcoin and Bitcoin Cash to Mt. Gox’s 127,000 creditors, which are awaiting an estimated $7 billion worth of cryptocurrency and cash distributions.
Per Young Ju, the BTC and BCH dump the market feared would occur after creditors received their funds after a decade of waiting “didn’t occur,” and added that any price drop that could come is related to market sentiment, and not the distribution.
Notably Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has recently suggested the flagship cryptocurrency Bitcoin will along with gold and silver, see its price rise “when Trump becomes President again.”
Featured image via Pixabay.
