In a revealing twist within the cryptocurrency sphere, Bitcoin’s “permanent holder addresses” have clandestinely accumulated nearly $23 billion worth of the digital asset over the past month, as revealed by on-chain analytics.

CryptoQuant’s founder and CEO, Ki Young Ju, expressed his intrigue in an August 7 post on X, stating, “I’m pretty sure something is happening behind the scenes.”

Ki’s observation highlights a significant uptick in the 30-day demand change for permanent Bitcoin. Around $22.8 billion, equivalent to 404,448 BTC, has migrated to these addresses over the past month, a clear signal of accumulation, he asserted.

He forecasts that within the upcoming year, various entities—ranging from traditional financial institutions, corporations, and governments—will declare their Bitcoin acquisitions in Q3 2024. He cautioned retail investors, predicting they would rue missing out due to concerns over macroeconomic factors such as the German government’s sales, the Mt. Gox debacle, or other prevailing financial anxieties.

Read more: Bitcoin Whales Amplify Holdings Amid Market Turmoil

In another X post on August 7, Ki Young Ju underscored additional bullish indicators, such as Bitcoin miner activity. “Miner capitulation is nearly over,” he noted, pointing out that hashrate is approaching all-time highs. With U.S. mining costs hovering around $43,000 per coin, the hashrate is expected to remain stable unless prices fall below this threshold.

He further remarked on the subdued presence of retail investors, akin to the situation in mid-2020, alongside a decrease in activity from long-term whales, those holding Bitcoin for over three years. While there was some selling between March and June, there is currently “no significant selling pressure from old whales.”

“Based on this data, I believe the bull market is still intact. If the market doesn’t recover in two weeks, I’ll reconsider. I follow smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment,” he stated.

In late July, Ki noticed substantial flows to permanent holder addresses, such as exchange-traded funds, highlighting that not all remaining BTC is in custody wallets. He concluded that “whales are clearly accumulating, and it’s an unprecedented level.”

The accumulation seems to have intensified following the market downturn on August 5, which saw BTC prices plummet to $49,800, as reported by Cointelegraph. The asset rebounded by 14% to reclaim $57,000 on August 6. Additionally, the Crypto Fear & Greed Index shifted from extreme fear to fear, reflecting a slight uptick in market sentiment.