Bitcoin Whales Add $23 Billion in BTC During Market Uncertainty

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Bitcoin has seen a significant change in market dynamics over the past month. Large-scale holders, known as whales, have been accumulating substantial amounts of BTC.

On-chain data shows that nearly 404,448 BTC, worth around $23 billion, have been moved into “permanent holder addresses,” indicating an accumulation phase. This trend comes amid global market uncertainties and fears of further declines.

Ki Young Ju, the founder and CEO of CryptoQuant, highlighted the significant accumulation of Bitcoin by whales in a series of posts on X. He suggested that this substantial inflow into permanent addresses indicates a strategic accumulation by institutional entities, companies, or even governments. “We’ll know within a year,” Ju stated, hinting at possible future announcements from these entities regarding their Q3 2024 Bitcoin acquisitions.

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