Wallet movements are also under scrutiny these days, when price changes in Bitcoin have become very harsh. Ki Young Ju, CEO of CryptoQuant, a platform that monitors wallet transactions and blockchain data, drew attention to an important mobility.

Ki said, “I’m pretty sure something is happening behind the scenes. 404,448 Bitcoin have moved to permanent holder addresses over the past 30 days, and it’s clearly accumulation. We’ll know within a year.”

Source: CryptoQuant

Ki, who also shared his forecast, added the following:

“So here’s what’s going to happen: Within a year, some entities—whether they’re TradFi institutions, companies, governments, or others—will announce that they’ve acquired Bitcoin in Q3 2024. And retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.”

The term ‘permanent holder’ refers to individuals or organisations that intend to hold a cryptocurrency for a long period of time.