well that's confusing

According to Odaily, CryptoQuant CEO Ki Young Ju recently stated on X that Bitcoin (BTC) is currently in an accumulation phase. Over the past month, 358,000 BTC have been transferred to addresses of long-term holders. In July, the global inflow of Bitcoin spot ETFs amounted to 53,000 BTC. Although not all of the remaining BTC are in custodial wallets, it is evident that whales are accumulating at unprecedented levels. The recent influx of BTC into long-term holder addresses is not attributed to ETF wallets. These wallets are neither exchange wallets nor miner wallets and have not seen any outflows; most of them are custodial wallets.