According to on-chain data Bitcoin permanent holders Increase Holdings by $23 Billion worth of BTC over the past month. Ki Young Ju Shared a post on X on August 7. In this post he highlighted this significant 30-day spike in Bitcoin demand.
Observation from Ki Young Ju about Bitcoin demand
Ki Young Ju mentioned that miner capitulation is nearly over. The Bitcoin’s hash rate approaching all-time highs. The U.S mining costs are around $43,000 per Bitcoin for now, this indicate the stability unless prices fall below this level.
Ki Young Ju also noted that, similar to mid-2020 the retail investors are largely absent. Long-term holders selling between March and June but showing no significant selling pressure now. In addition to this, the old whale activity has reduced.
Recently, around $23 billion or 404,448 BTC, have shiftted to permanent holder addresses. That’s why Ki Young Ju warns that retail investor might be regret not to buy now. Because manjor insitutions could announce significant Bitcoin acquistions by Q3 2024.
Based on these observations, Ki Young Ju believes the bull market remains intact. However, he said that if the market doesn’t recover in two weeks, he will reassess his view. A continued downturn could suggest that new whales are either misguided or have underestimated the macro environment.
On August 5, a drop seen for Bitcoin to $52000, But on August 6 the asset has increased 14% to $57,000 and currently, Bitcoin is trading up 1.7% at $56,836, and the Fear and Greed index has improved to 29.
Ki Young Ju’s observations show that Bitcoin’s long-term holders are buying more, which could mean big announcements from major institutions are coming soon. Retail investors might regret missing out if they don’t act before these big moves are announced.
