Bitcoin whales have been actively accumulating significant amounts of the cryptocurrency over the past month during the market slump.
On-chain activity has revealed that over 404,448 BTC, valued at approximately $22.8 billion, has been moved to permanent holder addresses in the last 30 days.This was in reference to an increase in 30-day demand change for permanent BTC holders. Ki Young Ju observed in late July that bitcoin appears to be in a distinct accumulation phase, with 358,000 BTC moved to permanent holder addresses during the month.
The hashrate recovery indicates that miner capitulation is nearing its end, with the metric approaching all-time highs. U.S. mining costs are approximately $43,000 per BTC, suggesting stability in hashrate unless bitcoin prices dip below this threshold. Furthermore, retail investors are largely absent, which is similar to the market conditions in mid-2020. Additionally, old whales sold their holdings to new whales between March and June,However, Ki also identified some bearish factors to consider. Macro risks could lead to forced sell-offs, as evidenced by large crypto deposits from Jump Trading and a year-to-date high in daily deposits on Binance. Some on-chain indicators have turned bearish, however borderline.
Ki added that he followed “smart money,” so if his assessment was incorrect, it could mean that the new whales either misunderstood the situation or underestimated the macroeconomic environment.This Declining Bitcoin Metric Could Actually Signal Bullish Future for BTC Price: SantimentAI is Going to be the Center of our Lives, Like it or Not: Akash Network’s Greg Osuri One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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