Record Bitcoin Transfer to Long-Term Wallets Despite Market Turmoil

Despite bitcoin dipping more than 14% over the past week, insights from cryptoquant.com and the company's founder and CEO, Ki Young Ju, reveal an intriguing trend

Bitcoin has slipped more than 14% during the past week, but data from cryptoquant.com and its founder and CEO, Ki Young Ju, shows an interesting trend: a large volume of bitcoin has been transferred to long-term holder addresses over the last 30 days.

These recent statistics suggest that some investors are using the current price as an opportunity to stock up and hold onto their bitcoin for the long term.

Record Bitcoin Transfer to Long-Term Wallets Amid Market Turmoil

Bitcoin had a rough week, dropping to a low of $49,577 per unit on Monday. This led to mass liquidations in the crypto derivatives markets, with over $1 billion in both long and short positions being liquidated.

As the price fell, it seems that long-term holders took advantage of the market chaos, scooping up a substantial amount of bitcoin. Cryptoquant CEO Ki Young Ju highlighted this trend the day after Monday’s market turmoil.

“I’m pretty sure something is happening,” he wrote on X. “404,448 bitcoin have moved to permanent holder addresses over the past 30 days, and it’s clear accumulation. We’ll know within a year.”

Data from cryptoquant.com’s permanent holder addresses metric over 30 days shows the statistic reaching an all-time high. It surpasses the previous high of 322,690 BTC transferred to long-term wallets on March 25, 2024.

To some crypto proponents, this unique movement of bitcoin into long-term storage suggests rising confidence among investors, even during the recent market turbulence. With this metric reaching new record highs, it points to a strategy by holders, who view the current price dip as a brief pause in bitcoin’s long-term price rise.

What do you think about long-term holders accumulating bitcoin in great quantity? Share your thoughts and opinions on this subject in the comments section below.

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