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  • Writer's picturemeowdini
    • Aug 7
    • 2 min read

Bitcoin Whales Accumulate $23B Amid Market Slump, Signaling Potential Bull Run

Bitcoin whales have accumulated nearly $23 billion in the past month, suggesting a potential bull run. Are institutional investors and long-term holders preparing for a rally?

In the past 30 days, Bitcoin whales have quietly accumulated nearly $23 billion worth of the cryptocurrency, according to on-chain data. This substantial accumulation amidst a market slump has led many to speculate about the potential for a significant price rally soon. CryptoQuant founder Ki Young Ju has highlighted this trend, suggesting that major institutional players might soon announce their Bitcoin acquisitions.


Bitcoin logo on a modern building background, representing the cryptocurrency's value and market influence.
Bitcoin whales accumulate $23 billion amid market slump, signaling potential bull run.

Key Points:


Accumulation by Permanent Holders:

  • Bitcoin "permanent holder addresses" have seen an influx of approximately $23 billion, equating to around 404,448 BTC in the last month.

  • This accumulation indicates strong confidence in Bitcoin’s long-term value.


Market Sentiment:

  • CryptoQuant's Ki Young Ju has noted the accumulation as a sign of potential positive announcements from institutions in Q3 2024.

  • Retail investors remain cautious, influenced by concerns such as government sales and macroeconomic conditions.


Miner Activity:

  • Bitcoin miner capitulation appears to be nearing an end, with hash rates approaching all-time highs.

  • The stable hash rate and mining costs around $43,000 per coin suggest a solid foundation for future price stability.


Reduced Whale Selling Pressure:

  • Long-term holders have reduced selling, with significant selling pressure abating since March-June.

  • The absence of significant old whale activity supports the notion of an intact bull market.


Market Recovery:

  • Following a market slump on Aug. 5, Bitcoin prices have rebounded by 14%, now trading at around $57,000.

  • The Bitcoin Fear and Greed Index has improved, moving from 'extreme fear' to a level indicating a slight improvement in market sentiment.



The recent accumulation of Bitcoin by whales suggests a bullish outlook for the cryptocurrency, with institutional interest potentially driving future price increases. While retail investors remain cautious, the actions of long-term holders and miners indicate a stable and potentially bullish market environment. As the market continues to recover, the coming weeks will be crucial in determining if this trend signifies the beginning of a new bull run.


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