Over the past few days, Bitcoin (BTC) has seen a significant surge in whale accumulation. Ali highlighted that the “number of BTC addresses holding 100+ BTC increased from 15,913 to 16,006 during the recent correction.
While this trend is noteworthy because it suggests whales bought the dip, Ki Young Ju, the CEO of CryptoQuant, an on-chain data aggregator, has spotlighted that it also suggests a calculated buildup of Bitcoin by influential players in the shadows.
The Hidden Bitcoin Agenda Revealed
Ki Young Ju’s observations stem from his analysis of Bitcoin transactions over the last month, revealing a massive shift of nearly half a million BTC into what is described as “permanent holder wallets.” Ju noted:
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.
This transfer, amounting to roughly $22.94 billion, signals routine market behavior and a strategic accumulation that hints at plans by major financial entities or even state actors.
This activity was first hinted at three weeks prior when Ju reported an unusual movement of 385,000 BTC into cold storage, highlighting a pattern of behavior among Bitcoin whales that diverges from typical market operations.
#Bitcoin is in an accumulation phase.
Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
What Are The Consequences?
The implications of such heavy accumulation are quite profound. Ju said this could be the prelude to a major revelation, where traditional financial institutions, companies, or even governments might disclose substantial Bitcoin acquisitions made during this period.
He suggests that within a year, the public could learn that these entities have been quietly building their Bitcoin reserves throughout the third quarter of 2024.
This strategic accumulation, Ju theorizes, could be a move to secure a substantial stake in the world’s flagship cryptocurrency in anticipation of or in response to broader economic shifts.
This theory is further boosted by distractions in the crypto space, such as the German government’s sale of BTC and the U.S. government’s disposal of Bitcoin related to the Mt. Gox debacle.
These events may have diverted retail investors’ attention from the more significant, ongoing accumulation by larger institutional actors.
So here’s what’s going to happen:
Within a year, some entities—whether they’re TradFi institutions, companies, governments, or others—will announce that they’ve acquired #Bitcoin in Q3 2024.
And retail investors will regret not buying it because they were worried about the…
— Ki Young Ju (@ki_young_ju) August 6, 2024
Featured image created with DALL-E, Chart from TradingView
Samuel Edyme
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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