Bitcoin (BTC-USD) whales have been on a shopping spree, scooping up nearly $23 billion worth of BTC over the past month, despite the market slump. According to on-chain data, “permanent holder addresses” have accumulated around 404,448 BTC in the last 30 days. Ki Young Ju, founder and CEO of CryptoQuant, noted in an August 7 post, “I’m pretty sure something is happening behind the scenes.”
Behind-the-Scenes Moves
Ki Young Ju pointed out that this accumulation is a clear sign of something big brewing. He speculated that within a year, major entities like TradFi institutions, companies, or governments might announce their Bitcoin acquisitions for Q3 2024. He added, “Retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.”
Miner Activity and Whale Behavior
Ki also highlighted positive signs from Bitcoin miners. “Miner capitulation is nearly over,” he said, mentioning that hashrate is nearing all-time highs. Moreover, there has been “reduced old whale activity,” with long-term holders not selling significantly at this time. Despite the market slump, Bitcoin has partially recovered, climbing 14% to $57,000 on August 6 after crashing to $49,800 on August 5.
Bitcoin’s Future Predictions
Analysts like Markus Thielen from 10x Research suggest waiting for Bitcoin’s price to drop to the low $40,000s for the best entry point. Thielen is cautious about hodling, noting the current volatility and advising against a buy-and-hold strategy without a stop loss. As he told Cointelegraph, “Neither Bitcoin nor Ethereum is exhibiting the steady, high Sharpe ratio uptrends that US stock market investors have enjoyed with minimal effort.”
What Is BTC’s Price?
At the time of writing, BTC is sitting at $57,318.63.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
