Bitcoin Whales Accumulated 404,448 BTC ($23B) in the Last 30 Days

Earlier this week, the crypto market suffered a significant price crash, with bitcoin (BTC) falling to levels not seen since February 2024. While average investors were concerned if the leading crypto asset would continue to crash, whales seized the opportunity to top up their portfolio with more BTC.

According to on-chain data, these large investors such as institutional entities and companies, or even government accumulated around 404,448 BTC around $23 billion and moved them to long-term wallets, over the last 30 days. 

Ki Young Ju, founder and CEO of CryptoQuant, highlighted that the move shows that something is going on behind the scenes. 

I'm pretty sure something is happening behind the scenes.

404,448 #Bitcoin have moved to permanent holder addresses over the past 30 days, and it's clearly accumulation.

We'll know within a year. https://t.co/Ip0jow2pGN pic.twitter.com/OOxuWcyxJu

— Ki Young Ju (@ki_young_ju) August 6, 2024

As the entities behind the accumulation remain unknown, Ju hinted at possible future announcements regarding these recent Bitcoin acquisitions, saying, “We’ll know within a year.” He also pointed out that retail investors might regret not buying Bitcoin sooner, as they were concerned about issues such as the German government selling its BTC, Mt. Gox, and other macroeconomic factors.

Whales Buy Over $1B in BTC Within 48 Hours

Meanwhile, on August 6, on-chain analyst Ali Martinez revealed that Whales had acquired over 30,000 BTC, worth approximately $1.62 billion, within just 48 hours. This accumulation is reflected in increased outflows from exchanges and a corresponding decrease in the supply of BTC held on trading platforms.

The BTC accumulation by whales increased after a market dip on August 5, when Bitcoin’s price fell to $49,800. Since then, Bitcoin has rebounded by nearly 14%, reaching about $57,000.

An All-Time High Next?

As bitcoin hovers around the $57,000 mark, market speculators are closely monitoring whether it will break out of its current consolidation range. Ju previously suggested that if BTC manages to stay above the $45,000 level, it could reach an all-time high within the next 12 months.

Interestingly, the recent whale accumulation are not linked to ETF wallets but are primarily held in custodial wallets with no outgoing transactions, further emphasizing the strong holding behavior among these large investors. By accumulating significant amounts of BTC and holding them in custodial wallets, these large investors could be preparing for future price increases.