Bitcoin Hodlers Accumulate $23B Amid Market Slump
In the past 30 days, Bitcoin "permanent holder addresses" have amassed nearly $23 billion worth of BTC, according to onchain data. This significant accumulation amid the market downturn indicates strong confidence among long-term holders.
CryptoQuant founder and CEO, Ki Young Ju, highlighted this trend on Aug. 7, noting a sharp rise in 30-day demand for Bitcoin held by permanent addresses. He speculated that institutional players might announce their Bitcoin acquisitions by Q3 2024, predicting retail investors will regret not buying in earlier.
Key Highlights:
- Accumulation: Approximately 404,448 BTC, valued at $22.8 billion, has moved to permanent holder addresses in the past month.
- Market Prediction: Ki Young Ju foresees announcements from major entities, including TradFi institutions and governments, about their Bitcoin holdings within a year.
- Miner Activity: Bitcoin miner capitulation is nearly over, with hashrate nearing all-time highs. U.S. mining costs are around $43,000 per coin, suggesting stable hashrate levels unless prices fall below this threshold.
The recent market slump on Aug. 5 saw BTC prices crash to $49,800, but the asset has since rebounded by 14%, reclaiming $57,000 as of Aug. 6. The Crypto Fear & Greed Index has also shown a slight improvement, moving from extreme fear to fear.
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