CryptoQuant CEO: Whales are accumulating BTC, with 358,000 BTC transferred to long-term holder addresses in the past month

ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on X that BTC is in an accumulation phase.

In the past month, 358,000 BTC have been transferred to permanent holder addresses. In July, the global Bitcoin spot ETF inflow was 53,000 BTC. Although not all remaining BTC are in custody wallets, whales are clearly accumulating at unprecedented levels.

The recent BTC inflow to long-term holder addresses is not due to ETF wallets. These wallets are neither exchange wallets nor miner wallets, and they have not seen outflows; they are mostly custody wallets.