Bitcoin Surges as Whales Accumulate and Legislation Looms

Bitcoin whales have embarked on a massive buying spree, scooping up an astonishing 358,000 BTC in July alone, according to a recent report by CryptoQuant. This unprecedented accumulation, valued at approximately $23 billion, signals strong confidence in the leading cryptocurrency, despite its current price hovering below all-time highs.

CryptoQuant CEO Ki Young Ju highlighted this trend, describing it as an “unprecedented level” of accumulation. The data reveals that Bitcoin’s “permanent holders,” those who have held their coins for at least 155 days, are steadfastly refusing to sell in 2024. This behavior suggests a bullish outlook among long-term investors, even as short-term price fluctuations continue.

#Bitcoin is in an accumulation phase.

Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.

Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level. pic.twitter.com/Cyl2ZVhIIX

— Ki Young Ju (@ki_young_ju) July 24, 2024

Senator Lummis Is Reportedly Preparing Landmark Bitcoin Legislation

The political landscape in the US is heating up, with potential game-changing legislation on the horizon. Senator Cynthia Lummis, a known crypto advocate, is reportedly preparing to introduce a groundbreaking bill that would establish Bitcoin as a mainstream financial asset.

Sources close to the matter indicate that the bill could mandate the Federal Reserve to hold Bitcoin as a strategic reserve asset, similar to how it manages gold and foreign currencies.

The timing of this potential announcement is crucial, as it’s expected to coincide with the upcoming Bitcoin Conference in Nashville, Tennessee. Former President Donald Trump is scheduled to speak at the event, and there’s speculation that he might endorse the bill or even designate Bitcoin as a strategic asset.

₿ig things are in store this week. Stay tuned!

— Senator Cynthia Lummis (@SenLummis) July 22, 2024

This legislative push comes at a time when the crypto industry is facing increased scrutiny due to past fraudulent activities. However, proponents argue that integrating Bitcoin into the U.S. monetary system could bring stability to the dollar and capital markets while embracing financial innovation.

BTC Remains Weak Despite Whale Accumulation

The market has responded positively to these developments, with Bitcoin trading around $64,000 at the time of writing. However, it’s worth noting that the cryptocurrency has experienced a slight dip of 2.1% in the past 24 hours, despite the surge in whale interest.

Institutional interest in Bitcoin continues to grow, with global spot ETF inflows reaching 53,000 BTC in July alone, according to the post from Ki Young Ju. The largest U.S. Bitcoin ETF saw inflows exceeding $500 million in a single day, underscoring the increasing appetite for crypto exposure among traditional investors.

As the 2024 U.S. presidential election approaches, both major political parties are courting crypto-owning voters. The outcome of this election and potential regulatory changes could significantly impact the future of Bitcoin and the broader cryptocurrency market.

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