Bitcoin whales have embarked on an extraordinary buying spree, accumulating $23 billion worth of BTC in July, according to new data from on-chain analytics platform CryptoQuant. This significant move indicates a strong commitment to current price levels by these large-volume investors.
Whales Boost Holdings by 358,000 BTC
In a July 24 post on X, CryptoQuant CEO Ki Young Ju highlighted the unprecedented flow of coins to permanent holder addresses, describing it as a wealth transfer unlike anything seen in the history of the crypto market. Over the past month, these permanent holders have added 358,000 BTC to their balances.
Bitcoin permanent holder demand. Source: Ki Young Ju
“Bitcoin is in an accumulation phase,” Ki summarized, pointing out that the amount of BTC moved to permanent holder addresses in July surpasses all previous records, including the period when BTC/USD reached its all-time high of $73,800 in March.
Institutional Inflows and ETF Success
The data also reflects the ongoing success of spot Bitcoin exchange-traded funds (ETFs) as vehicles for institutional BTC exposure. In July alone, global spot ETF inflows amounted to 53,000 BTC. The largest ETF in the United States recorded over $500 million in inflows in a single day on July 22.
However, despite these large inflows, there are warnings that such significant investments often precede corrective BTC price behavior. The recent launch of spot Ether ETFs on July 23 added further complexity to the market narrative, with crypto markets experiencing a notable decline on the second day of trading.
Long-Term Optimism Amid Accumulation Trends
Despite the market fluctuations, Ki remains optimistic about the long-term accumulation trends. “Though not all remaining BTC is in custody wallets, whales are clearly accumulating,” he concluded, emphasizing the unprecedented level of accumulation.
Bitcoin trend accumulation score by cohort. Source: Bitcoin Munger
Supporting this sentiment, popular trader and social media commentator Bitcoin Munger shared data on X showing that the largest whale cohort is “furiously accumulating.” The data indicates that only the smallest class of BTC holders, those with 1 BTC or less, are reducing their holdings.
As Bitcoin’s long-term holders continue to show resilience and accumulate more BTC, the market anticipates potential significant moves in the near future, driven by these powerful investors.
