Bitcoin’s permanent holders have amassed nearly $23 billion worth of BTC in just one month, according to recent on-chain data. This notable surge in Bitcoin accumulation was highlighted by Ki Young Ju in a post on X on August 7.
Specifically, approximately $22.8 billion, equivalent to 404,448 BTC, have recently been transferred to permanent holder addresses. Ju cautioned that retail investors could face regrets if they do not act soon, as major institutional players may announce substantial Bitcoin acquisitions by Q3 2024.
Ju also noted several bullish indicators supporting the market. Miner capitulation appears to be nearing its end, with Bitcoin’s hash rate approaching historical peaks. Current U.S. mining costs hover around $43,000 per Bitcoin, suggesting market stability unless prices dip below this threshold.
Additionally, Ju observed a significant absence of retail investors, mirroring the market conditions of mid-2020. While there was notable selling by long-term holders between March and June, such activity has subsided recently.
Given these trends, Ju remains optimistic about the bull market’s strength. However, he indicated that he might reassess his position if the market fails to recover within two weeks, potentially signaling that new investors are misjudging the macroeconomic climate.
Following a drop to $52,000 on August 5, Bitcoin has rebounded by 14% to $57,000 as of August 6. Currently, Bitcoin is trading at $56,836, up 1.7%, with the Fear and Greed index improving to 29.
Ju’s analysis points to a strong accumulation trend among Bitcoin’s permanent holders, which could foreshadow upcoming announcements from major institutions. Retail investors may regret missing out if significant acquisitions are announced before they take action.
Related topics:
Robinhood Suspends 24-Hour Trading Amid Market Turmoil: Users Criticize the Move
Central Banks Opt for Cautious Approach on Digital Currencies, Favor Medium-Term Goals
Nvidia Advances Metaverse Capabilities with New OpenUSD NIM Microservices
