TechFlow reports that on July 25, Ki Young Ju, CEO of CryptoQuant, stated on X that BTC is currently in an accumulation phase. Over the past month, 358,000 BTC have been transferred to long-term holder addresses. In July, global spot Bitcoin ETFs saw inflows totaling 53,000 BTC. Although not all remaining BTC are held in custodial wallets, whales are clearly accumulating at unprecedented levels. Recent BTC inflows into long-term holder addresses are not attributable to ETF wallets. These wallets are neither exchange wallets nor miner wallets, and they show no outflows; most of them are custodial wallets.
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