In recent days, Bitcoin (BTC) has seen a significant increase in whale accumulation. Ali marked that the “number of BTC addresses holding more than 100 BTC increased from 15,913 to 16,006 during the recent correction.
While this trend is notable because it suggests that whales have bought the dip, Ki Young Ju, the CEO of CryptoQuant, an on-chain data aggregator, in the spotlight that it also suggests a calculated build-up of Bitcoin by influential players in the shadows.
The Hidden Bitcoin Agenda Revealed
Ki Young Ju’s observations come from his analysis of Bitcoin transactions over the past month, which shows a massive shift of nearly half a million BTC into what are described as “permanent wallets.” Ju commented:
I’m pretty sure something is happening behind the scenes. Over the past 30 days, 404,448 Bitcoins have moved to permanent holder addresses, and this is clearly an accumulation. We’ll know within a year.
This transfer, which amounts to roughly $22.94 billion, indicates routine market behavior and a strategic accumulation that suggests plans by major financial entities or even state actors.
This activity was first suggested three weeks earlier when Ju reported an unusual move of 385,000 BTC into cold storage, highlighting a pattern of behavior among Bitcoin whales that deviates from typical market operations.
#Bitcoin is in an accumulation phase.
Over the past month, 358,000 BTC has been moved to permanent holder addresses. In July, global spot ETF inflows reached 53,000 BTC.
While not all the remaining BTC is in wallets, the whales are clearly piling up. And it is an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
What are the consequences?
The implications of such a heavy accumulation are quite profound. Ju said this could be the prelude to a big reveal, where traditional financial institutions, companies or even governments could reveal substantial Bitcoin acquisitions made during this period.
He suggests that the public could learn within a year that these entities quietly built up their Bitcoin reserves during 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 strengthened by distractions in the crypto space, such as the German government’s sale of BTC and the US government’s sale of Bitcoin in connection with the Mount Gox debacle.
These events may have diverted retail investors’ attention from the more important, ongoing accumulation by larger institutional actors.
So this is what’s going to happen:
Within a year, some entities – whether TradFi institutions, companies, governments or others – will announce that they #Bitcoin in the third quarter of 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
