On-chain activity suggests that Bitcoin whales have been accumulating over the past month amid a market slump.
Bitcoin “permanent holder addresses” have accumulated nearly $23 billion of the asset over the past month, according to on-chain data.
In a post on X on Aug. 7, CryptoQuant founder and CEO Ki Young Ju exclaimed “I'm pretty sure something is happening behind the scenes.”
The comment came in reference to a recent spike in 30-day demand change for permanent Bitcoin (BTC) holders.
