Bitcoin whales are on a buying spree, accumulating $23 billion worth of BTC in just 30 days.

Bitcoin (BTC) has experienced a notable shift in market dynamics over the past month, with whales—large-scale holders of the cryptocurrency—accumulating significant amounts of BTC.

According to on-chain data, nearly 404,448 BTC, worth approximately $23 billion, have moved into “permanent holder addresses,” signaling a clear accumulation phase. This trend has been observed amid global market uncertainties and fears of further declines.

Ki Young Ju, the founder and CEO of CryptoQuant, highlighted this phenomenon in a series of posts on X. He expressed confidence in potential behind-the-scenes development, noting that the substantial inflow of Bitcoin into these permanent addresses suggests a strategic accumulation by institutional entities, companies, or even governments.

 “We’ll know within a year,” Ju stated, hinting at possible future announcements from these entities regarding their Q3 2024 Bitcoin acquisitions.

The accumulation appears to have gained momentum following a market dip on Aug. 5, where Bitcoin’s price fell to $49,800. Since then, the asset has rebounded by nearly 14%, reaching around $57,000 at the time of going to press.

Despite this recovery, the market sentiment remains cautious, as indicated by the Bitcoin ‘Fear and Greed’ index, which has only slightly improved from ‘extreme fear’ to a level of 29.

Moreover, on Aug. 6 on-chain analyst Ali Martinez revealed that whales had acquired over 30,000 BTC, valued at approximately $1.62 billion in just 48 hours. 

This accumulation was reflected in the increased outflows from exchanges and a corresponding decrease in the supply of BTC held on trading platforms.

Interestingly, the recent inflows are not linked to ETF wallets but are primarily housed in custodial wallets with no outgoing transactions, further underscoring the strong holding behavior among these large investors.

As Bitcoin hovers around the $57,000 mark, market watchers are keenly observing whether it will break out of its current consolidation range. Ju previously suggested that if the Bitcoin price manages to stay above the $45,000 level, it could push the cryptocurrency to a new all-time high in the next 12 months.